Quotation of PAN transactions exceeding ₹ 2 lacs as per Rule 114B, Income Tax

[jai prakash]

Dear Experts

Please advise whether vendor will ensure his PAN or purchaser’s PAN in the bill at the time raising invoice.

Rule 114C of IT Act is given below for your kind refernce

Verification of PAN (Rule-114C)

2) Any person, being a person raising bills referred to at Sl. No. 5 or 6 or 18 of rule 114B, who, in relation to a transaction specified in the said Sl. No., has issued any document shall ensure after verification that permanent account number has been correctly furnished and the same shall be mentioned in such document, or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.]

Reference of section, rule case law will be helpful.

Regards

Jai Prakash

Posts / Replies

[Ganeshan Kalyani]

Sir, both the party to the transaction should exchange their registration number to comply for the rule. Companies are doing such activity after the said amendment. Thanks.