Press Information Bureau
Government of India
Ministry of Finance
17-November-2016 19:17 IST
Government of India
Ministry of Finance
17-November-2016 19:17 IST
Transactions in relation to which quoting PAN is Mandatory
The
Income Tax Department prescribes a list of transactions for which
quoting of Permanent Account Number (PAN) is mandatory. These are listed
in Rule 114B of the Income Tax Rules, 1962 which were first inserted
with effect from 1st November, 1998 and have been amended from time to
time. The list under Rule 114B as on date requiring PAN to be quoted
includes the following banking transactions :
· Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
· Purchase
of bank drafts or pay orders or banker's cheques from a banking company
or a co-operative bank in cash for an amount exceeding fifty thousand
rupees during any one day.
· A time deposit with a banking company or a co-operative bank or a Post Office
· Opening
an account [other than a time-deposit referred to above or a Jandhan /
Basic Bank Deposit Account] with a banking company or a co-operative
bank.
In
addition to the existing requirement of quoting of PAN in respect of
cash deposits in excess of Rupees fifty thousand in a day, quoting of
PAN will now also be mandatory in respect of cash deposits aggregating
to Rupees two lakh fifty thousand or more during the period 09th
November, 2016 to 30th December, 2016 as per an amendment notified by
CBDT on 15-11-2016.
The
Department has already issued close to 25 crore PAN till date. The
persons requiring a PAN for complying with the above requirement may do
so by applying to the NSDL in a prescribed format with the necessary
documentary proof. The link to the NSDL site and the instructions for
making the application are available on the official website of the Income-tax Department www.incometaxindia.gov.in under the ‘Important Links’ head in the lower left hand corner of the homepage.
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