Income Tax

Cash deposits and withdrawal to require quoting of PAN. CBDT widens rules for obtaining PAN

Cash deposits and withdrawal to require quoting of PAN. Opening current or cash credit to also require PAN. CBDT widens rules for obtaining PAN

CBDT has notified Income–tax (Fifteenth Amendment) Rules, 2022 vide Notification No. 53/2022 dated 10th May 2022.

According to the amendments, application for allotment of Permanent Account Number (PAN) shall be made by a person at least seven days before the date any of the following transaction as specified in Rule 114BA is entered:

Rule 114BA.Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.

(a) Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year in banks/post offices etc.

(b) Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person in banks/post offices etc.

To give effect to the above, a new Rule 114BB has been inserted in terms of clause 6A of Section 139A which requires that every person entering into such transaction, as may be prescribed, shall quote his permanent account number or Aadhaar number, as the case may be, in the documents pertaining to such transactions and also authenticate such permanent account number or Aadhaar number, in such manner as may be prescribed.

114BB. Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A.––

Download CBDT Notification 53/2022 Click Here >>

Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT

Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous…

1 day ago

Income Tax

Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT

Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment - ITAT In…

5 days ago

Income Tax

Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT

Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts…

6 days ago

Income Tax

Cost Inflation Index for FY/Tax Year 2026-27 notified by CBDT. See Up-to-date Table of CII

CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified "384" as Cost Inflation…

7 days ago

Income Tax

Power of CIT(A) u/s 251(1)(a) to remand case can be exercised only in best judgment assessment

Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144…

1 week ago

ICAI

ICAI (Global Networking) Guidelines, 2025 kept in abeyance

ICAI (Global Networking) Guidelines, 2025 kept in abeyance In February 2026, ICAI had issued ICAI (Global Networking) Guidelines 2025 to…