CBDT PRESCRIBES TRANSACTIONS BEFORE ENTERING INTO WHICH PAN MUST BE QUOTED

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CBDT PRESCRIBES TRANSACTIONS BEFORE ENTERING INTO WHICH PAN MUST BE QUOTED

11/05/2022

CBDT PRESCRIBES TRANSACTIONS BEFORE ENTERING INTO WHICH PAN MUST BE QUOTED

A new rule inserted vide Notification Number 53/2022 Dated 10.05.2022, through which the govt notified the transactions for which PAN number is mandatory.

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

The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A, namely:

(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(c) opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.