PAN disclosure in high-value deals up to 67%

The disclosure of Permanent Account Numbers (PAN) in high-value transactions undertaken in 2005-06 has gone up to over 67 per cent from just 36 per cent in 2004-05. However, for credit card transactions, the disclosure trend remains poor.

According to data compiled by the income tax department from Annual Information Returns received for transactions in 2005-06, the total number of transactions which quoted PAN touched 12.58 lakh, compared with 7.11 lakh in 2004-05.

The use of PAN in case of credit card transactions, while increasing to 19 per cent in 2005-06 from 0.57 per cent in 2004-05, continued to be the lowest among the seven categories of high-value transactions captured under the system.

Its use was the highest in case of share-related transactions "" nearly 88 per cent of total transactions in 2005-06 from just 37 per cent in 2004-05. For transactions dealing with mutual funds, PAN was quoted in 85 per cent of the cases in 2005-06, compared with 78 per cent in 2004-05.

Quoting of PAN in transactions dealing with sale and purchase of immovable property increased to 22 and 26 per cent, respectively. Its use in property sales in 2004-05 was 16.5 per cent.