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Union of India - Section

Section 114B in Income Tax Rules, 1962

114B. Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A.

- Every person shall quote his permanent account number in all documents pertaining to the transactions specified in the Table below, namely:-
Sl.No. Nature of transaction Value of transaction
(1) (2) (3)
1. Sale or purchase of a motor vehicle or vehicle,as defined in clause (28) of section 2 of the Motor Vehicles Act,1988 (59 of 1988) which requires registration by a registeringauthority under Chapter IV of that Act, other than two wheeledvehicles. All such transactions.
2. Opening an account other than a time-depositreferred to at Sl. No.12 and a Basic Savings Bank Deposit Accountwith a banking company or a co-operative bank to which theBanking Regulation Act, 1949 (10 of 1949), applies (including anybank or banking institution referred to in section 51 of thatAct). All such transactions.
3. Making an application to any banking company ora co-operative bank to which the Banking Regulation Act, 1949 (10of 1949), applies (including any bank or banking institutionreferred to in section 51 of that Act) or to any other company orinstitution, for issue of a credit or debit card. All such transactions.
4. Opening of a demat account with a depository,participant, custodian of securities or any other personregistered under sub-section (1A) of section 12 of the Securitiesand Exchange Board of India Act, 1992 (15 of 1992). All such transactions.
5. Payment to a hotel or restaurant against a billor bills at any one time. Payment in cash of an amount exceeding fiftythousand rupees.
6. Payment in connection with travel to any foreigncountry or payment for purchase of any foreign currency at anyone time. Payment in cash of an amount exceeding fiftythousand rupees.
7. Payment to a Mutual Fund for purchase of itsunits. Amount exceeding fifty thousand rupees.
8. Payment to a company or an institution foracquiring debentures or bonds issued by it. Amount exceeding fifty thousand rupees.
9. Payment to the Reserve Bank of India,constituted under section 3 of the Reserve Bank of India Act,1934 (2 of 1934) for acquiring bonds issued by it. Amount exceeding fifty thousand rupees.
10. Deposit with,-(i) banking companyor a co-operative bank to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institutionreferred to in section 51 of that Act);(ii) Post Office. Cash deposits,-(i) exceeding fiftythousand rupees during any one day; or(ii) aggregating to more than two lakh fiftythousand rupees during the period 09th November, 2016 to 30thDecember, 2016.
11. Purchase of bank drafts or pay orders orbanker's cheques from a banking company or a co-operative bank towhich the Banking Regulation Act, 1949 (10 of 1949), applies(including any bank or banking institution referred to in section51 of that Act). Payment in cash for an amount exceeding fiftythousand rupees during any one day.
12. A time deposit with,-(i) a banking companyor a co-operative bank to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institutionreferred to in section 51 of that Act);(ii) a Post Office;(iii) a Nidhireferred to in section 406 of the Companies Act, 2013 (18 of2013); or(iv) a non-banking financial company which holdsa certificate of registration under section 45-IA of the ReserveBank of India Act, 1934 (2 of 1934), to hold or accept depositfrom public. Amount exceeding fifty thousand rupees oraggregating to more than five lakh rupees during a financialyear.
13. Payment for one or more pre-paid paymentinstruments, as defined in the policy guidelines for issuance andoperation of pre-paid payment instruments issued by Reserve Bankof India under section 18 of the Payment and Settlement SystemsAct, 2007 (51 of 2007), to a banking company or a co-operativebank to which the Banking Regulation Act, 1949 (10 of 1949),applies (including any bank or banking institution referred to insection 51 of that Act) or to any other company or institution. Payment in cash or by way of a bank draft or payorder or banker's cheque of an amount aggregating to more thanfifty thousand rupees in a financial year.
14. Payment as life insurance premium to an insureras defined in clause (9) of section 2 of the Insurance Act, 1938(4 of 1938). Amount aggregating to more than fifty thousandrupees in a financial year.
15. A contract for sale or purchase of securities(other than shares) as defined in clause (h) of section 2 of theSecurities Contracts (Regulation) Act, 1956 (42 of 1956). Amount exceeding one lakh rupees pertransaction.
16. Sale or purchase, by any person, of shares of acompany not listed in a recognised stock exchange. Amount exceeding one lakh rupees pertransaction.
17. Sale or purchase of any immovable property. Amount exceeding ten lakh rupees or valued bystamp valuation authority referred to in section 50C of the Actat an amount exceeding ten lakh rupees.
18. Sale or purchase, by any person, of goods orservices of any nature other than those specified at Sl. Nos. 1to 17 of this Table, if any. Amount exceeding two lakh rupees pertransaction:
Provided that where a person, entering into any transaction referred to in this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number of his father or mother or guardian, as the case may be, in the document pertaining to the said transaction:Provided further that any person who does not have a permanent account number and who enters into any transaction specified in this rule, he shall make a declaration in Form No.60 giving therein the particulars of such transaction [either in paper form or electronically under the electronic verification code in accordance with the procedures, data structures, and standards specified by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems)] [Inserted by the Income-tax (Fourteenth Amendment) Rules, 2017, w.e.f. 9-6-2017.]:Provided also that the provisions of this rule shall not apply to the following class or classes of persons, namely:-(i)the Central Government, the State Governments and the Consular Offices;(ii)the non-residents referred to in clause (30) of section 2 of the Act in respect of the transactions other than a transaction referred to at Sl. No. 1 or 2 or 4 or 7 or 8 or 10 or 12 or 14 or 15 or 16 or 17 of the Table:[Provided also that a person who has an account (other than a time deposit referred to at S.No.12 of the Table and a Basic Saving Bank Deposit Account) maintained 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) and has not quoted his permanent account number or furnished Form No. 60, as the case may be, at the time of opening of such account or subsequently, he shall furnish his permanent account number or Form No.60, as the case may be, to the person specified in clause (c) of sub-rule (1) of rule 114C on or before the 330th day of June] [Fourth proviso inserted by the Income-tax (First Amendment) Rules, 2017, w.e.f. 6-1-2017.], 2017.Explanation. - For the purposes of this rule,-
(1)"payment in connection with travel" includes payment towards fare, or to a travel agent or a tour operator, or to an authorised person as defined in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(2)"travel agent or tour operator" includes a person who makes arrangements for air, surface or maritime travel or provides services relating to accommodation, tours, entertainment, passport, visa, foreign exchange, travel related insurance or other travel related services either severally or in package;
(3)"time deposit" means any deposit which is repayable on the expiry of a fixed period.