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 >>

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