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        Case ID :
        Income Tax

        What is the limit of PANCARD regarding payment to Life Insurance company ?

        15 December, 2015

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        Chapter No. 11 - PERMANENT ACCOUNT NUMBER [SECTION 139A and RULE 114]

         

        1. What is the limit of PANCARD  regarding payment to Life Insurance company ?

           Payment of an amount aggregating ₹ 50,000 or more in year as life insurance premium to an insurer asdefined in section 2(9) of the Insurance Act, 1938 read with section  [139A(5)c) and Rule 114B].

        PAN requirement for life insurance premium payments: quoting PAN mandatory when annual premiums meet statutory threshold. A payer must quote PAN when annual payments of life insurance premium to an insurer aggregate to Rs. 50,000 or more, the aggregation determining whether the PAN quoting obligation is triggered as a compliance mechanism for identification and reporting of premium payments.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              PAN requirement for life insurance premium payments: quoting PAN mandatory when annual premiums meet statutory threshold.

                              A payer must quote PAN when annual payments of life insurance premium to an insurer aggregate to Rs. 50,000 or more, the aggregation determining whether the PAN quoting obligation is triggered as a compliance mechanism for identification and reporting of premium payments.


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