Consider the following financial transactions: I. Purchase of bankers cheques for Rs. 50,000 and above in one day. II. Cash payment of more than Rs. 25,000 for foreign travel at one time. III. Securities transaction of more than Rs. 1,00,000. IV. Cash dep

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Q: 2 (CDS-I/2003)
Consider the following financial transactions:
I. Purchase of bankers cheques for Rs. 50,000 and above in one day.
II. Cash payment of more than Rs. 25,000 for foreign travel at one time.
III. Securities transaction of more than Rs. 1,00,000.
IV. Cash deposit of more than Rs. 50,000 in any bank account in one day.
During which of these transactions is it compulsory to quote Income Tax Permanent Account Number (PAN) ?

question_subject: 

Economics

question_exam: 

CDS-I

stats: 

0,28,35,3,26,6,28

keywords: 

{'income tax permanent account number': [0, 0, 1, 0], 'financial transactions': [0, 0, 2, 1], 'bankers cheques': [0, 0, 1, 0], 'transactions': [0, 0, 2, 7], 'securities transaction': [0, 0, 1, 0], 'cash deposit': [0, 0, 1, 0], 'cash payment': [0, 0, 1, 0], 'bank account': [0, 0, 1, 4]}

Option 1: I and II

This option states that it is compulsory to quote the Income Tax Permanent Account Number (PAN) during transactions I and II. However, this is not entirely correct as it omits transactions III and IV.

Option 2: I, III and IV

This option states that it is compulsory to quote PAN during transactions I, III, and IV. This is partially correct as it includes transactions III and IV but omits transaction II.

Option 3: I, II and IV

This option states that it is compulsory to quote PAN during transactions I, II, and IV. This is also partially correct as it includes transactions II and IV but omits transaction III.

Option 4: I, II, III and IV

This option states that it is compulsory to quote PAN during all four transactions: I, II, III, and IV. This is the correct answer as it includes all the transactions mentioned in the question.

Therefore, the correct answer is option 4. It is compulsory to quote PAN during all the mentioned transactions: I, II, III, and IV.

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