Rule 161 — Transactions for purposes of section 262(9)(a)
Parent Act Section(s): Section 2, Section 51, Section 262
Full Text
- Transactions for purposes of section 262(9)(a). — (1) For the purposes of section 262(9)(a), every person shall, at the time of entering into a transaction specified in column 2 of the following Table, quote his Permanent Account Number 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: Table Sl. Nature of transaction Person No. 1 2 3
- 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 (i) A banking company or a cooperative bank (including any bank or banking institution referred to in to which the Banking Regulation Act, 1949 section 51 of that Act); (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office (ii) Post Master General as referred to in section 2(j) of the Indian Post Office Act, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Head as referred in the Post Office Rules, 2024 framed under the Post Office Act, 2023 (43 of 2023).
- 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 (i) A banking company or a cooperative bank section 51 of that Act); 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 (ii) Post Master General as referred to in section 2(j) of the Indian Post Office Act, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Head as referred in the Post Office Rules, 2024 framed under the Post Office Act, 2023 (43 of 2023). 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 (i) A banking company or a cooperative bank the Banking Regulation Act, 1949 (10 of 1949) applies to which the Banking Regulation Act, 1949 (including any bank or banking institution referred to in (10 of 1949) applies (including any bank or section 51 of that Act); banking institution referred to in section 51 of that Act); (ii) Post Master General as referred to in (ii) Post Office section 2(j) of the Indian Post Office Act, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Head as referred in the Post Office Rules, 2024 framed under the Post Office Act, 2023 (43 of 2023). (2) The provisions of sub-rule (1) shall not apply in a case where the person carrying out transaction in column 2 of Table is the Central Government, a State Government or a consular office. (3) The provisions of sub-rule (1) shall not apply in a case,— (a) where the person, carrying out transaction as per Sl. Nos. 1 to 3 of column (2) of Table is a non- resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. (4) For the purposes of sub-rule (3), “IFSC banking unit” shall have the meaning assigned to it in rule 159(7)(a). (5) The Permanent Account Number of an individual shall be submitted to the Principal Director General of Income- tax (Systems), or the Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems), or the Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 262. (6) The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along with procedure for authentication of Permanent Account Number.
Cross-References
Act Sections Referenced
- Section 2
- Section 51
- Section 262
Related Rules
Practical Notes
[To be populated — interpretive notes, circular references, case law pointers]