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of <h1>Income Tax Department requires PAN for specified financial transactions, ensuring compliance with CBDT notifications.</h1> The Income Tax Department mandates that the recipient of documents related to specified economic or financial transactions, as notified by the Central Board of Direct Taxes (CBDT), ensure the quoting of the Permanent Account Number (PAN) where required. For instance, when opening a bank account, the bank must verify that the applicant has provided their PAN. This statutory responsibility ensures compliance with the requirement of quoting PAN in mandatory transactions.
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