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of <h1>Rule 114BB mandates quoting PAN or Aadhaar for major financial transactions; exceptions for government, non-residents.</h1> Under Rule 114BB of the Income Tax Rules, 1962, individuals must quote their Permanent Account Number (PAN) or Aadhaar number when engaging in specified financial transactions, such as cash deposits or withdrawals of twenty lakh rupees or more, or opening current or cash credit accounts with banks or post offices. The receiving institutions must ensure the numbers are quoted and authenticated. Exceptions include transactions by government entities, non-residents, or foreign companies without taxable income in India. The Principal Director General of Income-tax (Systems) will establish procedures for authentication of these identification numbers.
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