Individuals Must Quote PAN for Specified Transactions Under Rule 114B; Alternatives Available for Minors and Non-PAN Holders.

Under Rule 114B of the Income Tax Rules, individuals must quote their Permanent Account Number (PAN) for specified transactions. These include the sale or purchase of motor vehicles, opening bank or D-mat accounts, and payments exceeding certain thresholds for hotel bills, foreign travel, mutual funds, and insurance premiums. Additionally, PAN is required for high-value transactions involving securities, immovable property, and goods or services. Minors may use a parent's PAN, and those without a PAN must provide Form No. 60. Exceptions apply to government bodies, consular offices, and certain non-residents.