CBDT amends rules related to quoting of PAN in relation to certain Banking Transactions

Central Board of Direct Taxes (“CBDT”) has amended Income Tax Rules related to Quoting of Permanent Account Number (“PAN”) in relation to Certain Banking Transactions.

This Amendment has been bought by Income-tax (Fifteenth Amendment) Rules, 2022.

Every person who intends to enter into such a transaction of:

(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more accounts of a person with a banking company or a co-operative bank 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 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 or a Post Office;

Should file Application for allotment of a permanent account number at least seven days before the date on which he intends to enter into the said transaction.

Similarly quoting PAN/Aadhar would be mandatory for the person making these Transactions.

The Income-tax Notification is given below for reference.