In a notification issued on Might 10, 2022, the federal government has come out with new guidelines particularly pertaining to these making monetary transactions and not using a Everlasting Account Quantity (PAN) or Aadhaar. The Central Board of Direct Taxes has made new guidelines, referred to as the Revenue–tax (Fifteenth Modification) Guidelines, 2022.

As per the brand new guidelines, furnishing PAN or Aadhaar can be obligatory within the following transactions:

(a) Money deposit or deposits aggregating to Rs 20 lakh or extra in a monetary 12 months, in a number of account of an individual with a banking firm or a co-operative financial institution or a Put up Workplace;

(b) money withdrawal or withdrawals aggregating to Rs 20 lakh or extra in a monetary 12 months, in a number of account of an individual with a banking firm or a co-operative financial institution or a Put up Workplace;

(c) opening of a present account or money credit score account by an individual with a banking firm or a co-operative financial institution or a Put up Workplace

Shailesh Kumar, Companion, Nangia & Co LLP says, “The Authorities has continuously been striving to extend its taxpayer base to have the ability to deliver such individuals beneath the tax internet who could also be getting into into massive transactions however don’t maintain a PAN. In immediately’s state of affairs it could be mandatory for an individual to carry a sound PAN foundation the character of transaction(s) entered by them regardless that the particular person might or might not have taxable revenue. The intent of the round relies on this view. As soon as such particular person quotes the PAN it will likely be simpler for the tax authorities to trace the transactions. It might finally grow to be tough the place an individual tries to keep away from submitting return of revenue.”

The everlasting account quantity or Aadhaar quantity together with demographic info or biometric info of a person shall be submitted to the Principal Director Common of Revenue-tax (Techniques) or Director Common of Revenue-tax (Techniques) or the particular person authorised by the Principal Director Common of Revenue-tax (Techniques) or Director Common of Revenue-tax (Techniques) with the approval of the Board, for the needs of authentication referred to in part 139A.

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