Quoting of PAN/ Aadhar Mandatory in below mentioned transaction:
CBDT has vide notification no. 53 of 2022 dt. 10.05.2022 prescribed 3 new transactions in relation to cash deposit, cash withdrawal and opening current or cash credit account wherein mentioning or quoting of PAN would be mandatory. Such transaction have been prescribed under rule 114BA and are as under:
- 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;
- 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;
- 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.
Thus, in case of any of the above transactions it will be mandatory for a person to quote his PAN and if the person has not been allotted PAN he needs to apply for such PAN atleast 7 days before doing such transaction as has been prescribed in rule 114.
“in the case of a person who intends to enter into the transaction prescribed under clause (vii) of sub-section (1) of section 139A, at least seven days before the date on which he intends to enter into the said transaction.”
Further, this notification has also inserted rule 114BB which shall be applicable from 60 days from the date of this notification wherein it has been prescribed that who needs to quote the above mentioned PAN/ Aadhar and who needs to take care that such PAN/ Aadhar has been properly quoted.
The relevant extract of rule 114BB is as under:
Every person shall, at the time of entering into a transaction specified in column (2) of the Table below, quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and every person specified in column (3) of the said Table, who receives such document, shall ensure that the said number has been duly quoted and authenticated—
| Sl. No. | Nature of transaction | Person |
| (1) | (2) | (3) |
| 1. | Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with, —
(i) 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); (ii) Post Office |
(i) 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);
(ii)Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898). |
| 2. | Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with, —
(i) 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); (ii) Post Office |
(i) 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);
(ii)Post Master General as referred to in clause of section 2 of the Indian Post Office Act, 1898 (6 of 1898). |
| 3. | 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 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office |
(i) 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);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898). |
Further as per sub section 5E of section 139A it has been allowed by Income Tax department that Aadhar card can be quoted wherever it is required that PAN needs to be quoted
To read the notification CLICK ME.
