PAN card for deposits
This query is : Resolved
09 June 2010
What is the latest rule for depositing amount above 50,000/? Whether PAN Card become compulsory for doing so ? If depositing through Cheque instead of cash whether it is applicable ,ie.,attaching copy of Pan Card? If the deposit is making through SB A/c by way of transfer,is it require PAN card ? Now in the Post offices they are specifically insisting PAN card. Unlike Bank people Post masters are not at all co-operating to the customers. If any one has the authoritive answer or from where I have to get the exact rule regarding this for clarification.. Also if we deposit 50,000/ split up in a single day whether it will attract this rule of attaching Pan card.... In the term exceeding 50,000 means upto 50,000/ we can do so ? Please clarify my doubt and give clear authenticative solution..
09 June 2010
114B.All documents pertaining to the transactions in relation to which permanent account number or General Index Register Number to be quoted for the purpose of clause (c) of sub-section (5) of section 139A.
Every person shall quote his permanent account number or General Index Register Number in all documents pertaining to the transactions specified below, namely :-
(a) Sale or purchase of any immovable property valued at five lakh rupees or more;
(b) Sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of that Act :
Provided that for the purposes of this clause, the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;
(c) A time deposit, exceeding fifty thousand rupees, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(d) A deposit, exceeding ifty thousand rupees, in any account with Post Office Savings Bank;
(e) A contract of a value exceeding ten lakh rupees for sale or purchase of securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(f) Opening an account not being a time-deposit referred to in clause (c) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(g) Making an application for installation of a telephone connection (including a cellular telephone connection);
(h) Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time :
Provided that a person shall quote General Index Register Number in the documents pertaining to transactions specified in the above clauses (a) to (h) till such time the permanent account number is allotted to him :
Provided further that where a person, making an application for opening an account referred to in clause (c) and clause (f) of this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number or General Index Register Number of his father or mother or guardian, as the case may be, in the document pertaining to the transaction referred to in said clause (c) and clause (f) :
Provided also that any person, who has not been allotted a permanent account number or who does not have a General Index Register Number and who makes payment in cash or otherwise than by a crossed cheque drawn on a bank or through credit card issued by any bank in respect of any transaction specified in clauses (a) to (h), shall make a declaration in Form No.60 giving therein the particulars of such transaction.
Every person shall quote his permanent account number or General Index Register Number in all documents pertaining to the transactions specified below, namely :-
(a) Sale or purchase of any immovable property valued at five lakh rupees or more;
(b) Sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of that Act :
Provided that for the purposes of this clause, the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;
(c) A time deposit, exceeding fifty thousand rupees, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(d) A deposit, exceeding ifty thousand rupees, in any account with Post Office Savings Bank;
(e) A contract of a value exceeding ten lakh rupees for sale or purchase of securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(f) Opening an account not being a time-deposit referred to in clause (c) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(g) Making an application for installation of a telephone connection (including a cellular telephone connection);
(h) Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time :
Provided that a person shall quote General Index Register Number in the documents pertaining to transactions specified in the above clauses (a) to (h) till such time the permanent account number is allotted to him :
Provided further that where a person, making an application for opening an account referred to in clause (c) and clause (f) of this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number or General Index Register Number of his father or mother or guardian, as the case may be, in the document pertaining to the transaction referred to in said clause (c) and clause (f) :
Provided also that any person, who has not been allotted a permanent account number or who does not have a General Index Register Number and who makes payment in cash or otherwise than by a crossed cheque drawn on a bank or through credit card issued by any bank in respect of any transaction specified in clauses (a) to (h), shall make a declaration in Form No.60 giving therein the particulars of such transaction.
09 June 2010
(c) A time deposit, exceeding fifty thousand rupees, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(d) A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
(d) A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
09 June 2010
WELL EXPLAINED BY RAM AVTAR JI.
09 June 2010
I don't think Postal Department officials will agree to listen at all or move one centimeter away from their stand
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
