Cash deposit in bank: pan requirement

Girish Shah (Serive) (38 Points)

23 November 2011  

This link do not show that mentioning of PAN is must while depositing CASH in any Bank account except Time deposit.

while some where in the same ruel  (j) section said that it is required while depositing cash in Bank....

please guide whether PAN is requried in Transaction with Bank in Cash... purchase of draft, Opening of Account and Depositng cash in our own Bank account?

https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2001ITAct/Rules2001/rules114B.htm

37[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.

114B.  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 :

38[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 fifty 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 39[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 40[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 40[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 41[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.