PAN Mandatory for Key Financial Transactions Under Rule 114B; Non-Compliance Requires Form No. 60 Declaration.
Under Rule 114B of the Income-tax Rules, 1962, individuals must quote their Permanent Account Number (PAN) in documents related to specified transactions. These include the sale or purchase of motor vehicles (excluding two-wheelers), opening bank accounts, applying for credit or debit cards, opening demat accounts, and making significant cash payments in various contexts like hotels, foreign travel, mutual funds, and securities. Transactions exceeding certain monetary thresholds, such as cash deposits, time deposits, and real estate transactions, also require PAN disclosure. Exceptions apply to minors and certain government and non-resident entities. Non-compliance necessitates a declaration using Form No. 60.
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