Verification of PAN in case of Form No 60 Any person who, in relation to a transaction specified in rule 114B, has received any document shall ensure after verification that permanent account number has been duly and correctly mentioned therein or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars. Any person, being a person raising bills referred to at Sl. When Form No 60 not required Form No 60 not required from 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. 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. 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 registering authority under Chapter IV of that Act, other than two wheeled vehicles. Making an application to any 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 to any other company or institution, for issue of a credit or debit card. Opening of a demat account with a depository, participant, custodian of securities or any other person registered under sub-section 1A of section 12 of the Securities and Exchange Board of India Act, 1992 15 of 1992. Payment to a hotel or restaurant against a bill or bills at any one time. Payment in cash of an amount exceeding fifty thousand rupees. Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. Payment in cash of an amount exceeding fifty thousand rupees. Payment to a Mutual Fund for purchase of its units. Amount exceeding fifty thousand rupees. Payment to a company or an institution for acquiring debentures or bonds issued by it. Amount exceeding fifty thousand rupees. 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. Deposit 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. Deposits in cash exceeding fifty thousand rupees during any one day. Payment in cash for an amount exceeding fifty thousand rupees during any one day. A time deposit 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 a Post Office; iii a Nidhi referred to in section 406 of the Companies Act, 2013 18 of 2013 ; or iv a non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 2 of 1934 , to hold or accept deposit from public. Amount exceeding fifty thousand rupees or aggregating to more than five lakh rupees during a financial year. Payment for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 51 of 2007 , to 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 to any other company or institution. Payment as life insurance premium to an insurer as defined in clause 9 of section 2 of the Insurance Act, 1938 4 of 1938. Amount aggregating to more than fifty thousand rupees in a financial year. A contract for sale or purchase of securities other than shares as defined in clause h of section 2 of the Securities Contracts Regulation Act, 1956 42 of 1956. Amount exceeding one lakh rupees per transaction. Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange. Amount exceeding one lakh rupees per transaction. Sale or purchase of any immovable property. Amount exceeding ten lakh rupees or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees. Sale or purchase, by any person, of goods or services of any nature other than those specified at Sl. Amount exceeding two lakh rupees per transaction: 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. The amended rules inter-alia provide for furnishing of a statement in Form No. The statement in Form No. Sub-rule 2 of rule 114D mandates that online statement in Form No. It has been brought to the notice of the Central Board of Direct Taxes the Board by various stakeholders that hardship is being faced in complying with online submission of statement in Form No. In view of the above, it is decided that filling of all the fields in Form No. It is also decided that online reporting of declarations in Form No. The above may be brought to the notice of all concerned. Rule — 114C, Income-tax Rules Verification of Permanent Account Number in transactions specified in rule 114B.
