The next time you buy an insurance policy or carry out a transaction at the post office, you will be required to provide your Permanent Account Number (PAN). The Budget has not specified the types of transactions though it was mentioned that the requirement of PAN would be extended to all transactions in the financial market subject to suitable threshold limits.

 ”The government would notify the changes under Section 139(A) of the Income-tax Act soon as a result of which, quoting PAN will be made mandatory for all transactions including buying of an insurance policy and relatively larger transactions at the post offices,” said Mr. Prasad.
The CBDT will change rule 114(B) under Section 139 (A) of the Income-Tax Act to accommodate the changes announced in the Finance Bill.