{"id":31481,"date":"2016-01-04T10:18:26","date_gmt":"2016-01-04T04:48:26","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=31481"},"modified":"2016-01-15T18:46:01","modified_gmt":"2016-01-15T13:16:01","slug":"amendment-of-rules-regarding-quoting-of-pan-for-specified-transactions-to-come-into-force-from-1st-january-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/01\/04\/amendment-of-rules-regarding-quoting-of-pan-for-specified-transactions-to-come-into-force-from-1st-january-2016\/","title":{"rendered":"Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The Government has amended Rule 114 B Income-tax Rules for enhancing the monetary limits of certain transactions which require quoting of PAN and in order to bring a balance between burden of compliance on legitimate transactions. In case of transactions of sale or purchase of goods and services, PAN will be required to be quoted, irrespective of the mode of payment if the transaction exceeds Rs. two lakhs. The changes made to the Rules have been notified through S.O. No. 3545(E) dated 30th December, 2015. These changes will take effect from 1st January, 2016.<\/p>\n<p style=\"text-align: right;\">-Press Information Bureau<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government has amended Rule 114 B Income-tax Rules for enhancing the monetary limits of certain transactions which require quoting of PAN <\/p>\n","protected":false},"author":3,"featured_media":26751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-31481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/01\/04\/amendment-of-rules-regarding-quoting-of-pan-for-specified-transactions-to-come-into-force-from-1st-january-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016\" \/>\n<meta property=\"og:description\" content=\"The Government has amended Rule 114 B Income-tax Rules for enhancing the monetary limits of certain transactions which require quoting of PAN\" \/>\n<meta property=\"og:url\" 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in relation to which quoting PAN is mandatory","author":"Saba","date":"November 18, 2016","format":false,"excerpt":"The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98541,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/11\/bank-accounts-to-be-linked-with-pan-form-no-60-by-feb-28-2017\/","url_meta":{"origin":31481,"position":1},"title":"Bank accounts to be linked with PAN &#038; Form No. 60 by Feb. 28, 2017","author":"Saba","date":"January 11, 2017","format":false,"excerpt":"G.S.R. 14(E).\u2014In exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the\u00a0following rules further to amend the Income-tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119531,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/06\/mandatory-quoting-of-aadhaar-for-pan-applications-it-returns-applicable-only-to-resident-individuals\/","url_meta":{"origin":31481,"position":2},"title":"Mandatory quoting of Aadhaar for PAN Applications &#038; IT Returns applicable only to resident individuals","author":"Saba","date":"April 6, 2017","format":false,"excerpt":"Section 139-AA of the Income Tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar \/ Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July,\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86091,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/17\/demonetisation-banks-to-comply-with-rule-114b-of-income-tax-rules-1962\/","url_meta":{"origin":31481,"position":3},"title":"Demonetisation: Banks to comply with Rule 114B of  Income Tax Rules, 1962","author":"Saba","date":"November 17, 2016","format":false,"excerpt":"Please refer to our\u00a0Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016 on the captioned subject. With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than Rs 50,000\/- in cash in their bank account has\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139031,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/29\/aadhar-mandatory-for-pan-application-from-1st-july\/","url_meta":{"origin":31481,"position":4},"title":"Aadhar mandatory for PAN application from 1st July","author":"Saba","date":"June 29, 2017","format":false,"excerpt":"G.S.R. 642(E).\u2014In exercise of the powers conferred by Section 139A and Section 139AA, read with Section 295\u00a0of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to\u00a0amend the Income Tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":82791,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/29\/the-benami-transactions-prohibition-amendment-act-2016-to-come-into-force-on-nov-1-2016\/","url_meta":{"origin":31481,"position":5},"title":"The Benami Transactions (Prohibition) Amendment Act, 2016 to come into force on Nov. 1, 2016","author":"Saba","date":"October 29, 2016","format":false,"excerpt":"The Benami Property Transactions Act, 1988 has been amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the provisions of the BTP Amendment Act shall come into force on 1st\u00a0November, 2016. 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