Mandatory to Quote PAN entering specified transaction [ Section 139A(6A) & (6B) read with rule 114BB ] - Income Tax - Ready Reckoner - Income Tax

Mandatory to Quote PAN entering specified transaction 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. [ Read with Rule 114BB of Income Tax Rules ] [ Section 139A(6A) ] Every person receiving any document relating to the transactions referred to in sub-section (6A), shall ensure that permanent account number or Aadhaar number, as the case may be, has been duly quoted in such document and also ensure that such permanent account number or Aadhaar number is so authenticated. [ Section 139A(6B) ] As per Rule 114BB of Income Tax Rule 1. Every person shall, at the time of entering into a transaction Cash deposit or deposits aggregating to ₹ 20 lakh or more in a financial year , in one or more account of a person with; or Cash withdrawal or withdrawals aggregating to ₹ 20 lakh or more in a financial year , in one or more account of a person with; or Opening of a current account or cash credit account by a person with (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office shall quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and Such Person who receives such document shall ensure that the said number has been duly quoted and authenticated (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898. [ Rule 114BB(1) ] 2. Exception of Rule 114BB(1) The provisions of this sub rule (1) shall not apply in a case where the person, depositing the money is the Central Government, the State Government or the Consular Office. [ First Proviso Rule 114BB(1) ] The provisions of Rule 114BB(1) not apply in a case,- (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. IFSC banking unit shall have the same meaning as assigned to it in clause (1) of the Explanation to rule 114B. [ Second proviso of Rule 114BB(1) ] 3. Submitting the Information of permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual The permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 139A. Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along with procedure for authentication of permanent account number or Aadhaar number.