PAN is required for executing many transactions in India, for example:
• Opening a Bank Account, Time Deposit, Demat Account
• Filing Tax Returns, challans for payment of tax, etc.
• Investing in shares, securities, mutual funds etc.
• Sale or Purchase of immovable property exceeding Rs.10 lakhs
• Sale or purchase of a motor vehicle or vehicle
• Payment of Life insurance exceeding Rs. 50,000/-.
• Payment exceeding Rs. 50,000/- (in cash) in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.
• Sale or purchase, by any person, of goods or services of any nature of an amount exceeding Rs. 2.50 lakh per transaction.