{"id":86341,"date":"2016-11-18T14:22:33","date_gmt":"2016-11-18T08:52:33","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=86341"},"modified":"2016-11-18T14:22:33","modified_gmt":"2016-11-18T08:52:33","slug":"transactions-in-relation-to-which-quoting-pan-is-mandatory","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/18\/transactions-in-relation-to-which-quoting-pan-is-mandatory\/","title":{"rendered":"Transactions in relation to which quoting PAN is mandatory"},"content":{"rendered":"<p style=\"text-align: justify;\">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 list under Rule 114B as on date requiring PAN to be quoted includes the following banking transactions:<\/p>\n<p style=\"text-align: justify;\">\u00b7 Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.<\/p>\n<p style=\"text-align: justify;\">\u00b7 Purchase of bank drafts or pay orders or banker&#8217;s cheques from a banking company or a co-operative bank in cash for an amount exceeding fifty thousand rupees during any one day.<\/p>\n<p style=\"text-align: justify;\">\u00b7 A time deposit with a banking company or a co-operative bank or a Post Office<\/p>\n<p style=\"text-align: justify;\">\u00b7 Opening an account [other than a time-deposit referred to above or a Jandhan \/Basic Bank Deposit Account] with a banking company or a co-operative bank.<\/p>\n<p style=\"text-align: justify;\">In addition to the existing requirement of quoting of PAN in respect of cash deposits in excess of Rupees fifty thousand in a day, quoting of PAN will now also be mandatory in respect of cash deposits aggregating to Rupees two lakh fifty thousand or more during the period 09th November, 2016 to 30th December, 2016 as per an amendment notified by CBDT on 15-11-2016.<\/p>\n<p style=\"text-align: justify;\">The Department has already issued close to 25 crore PAN till date. The persons requiring a PAN for complying with the above requirement may do so by applying to the NSDL in a prescribed format with the necessary documentary proof. The link to the NSDL site\u00a0 and the instructions for making the application are available on the official website of the Income-tax Department\u00a0 www.incometaxindia.gov.in\u00a0 under the \u2018Important Links\u2019 head\u00a0 in\u00a0 the lower left hand corner of the homepage.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-86341","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"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>Transactions in relation to which quoting PAN is mandatory | 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\/11\/18\/transactions-in-relation-to-which-quoting-pan-is-mandatory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transactions in relation to which quoting PAN is mandatory\" \/>\n<meta property=\"og:description\" content=\"The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. 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(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":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":86341,"position":1},"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":266743,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/12\/income-tax-fifteenth-amendment-rules-2022\/","url_meta":{"origin":86341,"position":2},"title":"Income\u2013tax (Fifteenth Amendment) Rules, 2022","author":"Bhumika Indulia","date":"May 12, 2022","format":false,"excerpt":"The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. Key points: Rule 114BA relating to transactions for the purposes of Section 139A (1) (vii) shall be inserted: \u201c114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.\u2013\u2013\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":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"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":86341,"position":3},"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":302266,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/25\/kscardb-cooperative-society-entitled-benefit-section-80p-income-tax-act-supreme-court\/","url_meta":{"origin":86341,"position":4},"title":"KSCARDB a co-operative society, entitled to benefit under Section 80P of Income Tax Act: Supreme Court","author":"Ridhi","date":"September 25, 2023","format":false,"excerpt":"The instant appeals had challenged the orders passed by Kerala High Court, Commissioner of Income Tax (Appeals) (\u2018CIT(A)\u2019) and Income Tax Appellate Tribunal (\u2018ITAT\u2019).","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"section 80p of income tax act","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/section-80p-of-income-tax-act.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/section-80p-of-income-tax-act.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/section-80p-of-income-tax-act.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/section-80p-of-income-tax-act.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":101211,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/21\/co-operative-banks-are-not-authorised-banks-to-accept-deposits-under-pradhan-mantri-garib-kalyan-deposit-scheme\/","url_meta":{"origin":86341,"position":5},"title":"Co-operative Banks are not authorised banks to accept deposits under Pradhan Mantri Garib Kalyan Deposit Scheme","author":"Saba","date":"January 21, 2017","format":false,"excerpt":"Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016\u00a0 The Government of India, in consultation with the Reserve Bank of India, had notified\u00a0Pradhan Mantri Garib Kalyan Deposit Scheme\u00a0(PMGKDS), 2016\u00a0vide Notification No. S.O. 4061(E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who\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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/86341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=86341"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/86341\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=86341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=86341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=86341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}