22nd Synopsis of Income Tax Amendment Rules, 2015

Synopsis of Income Tax (22nd) Amendment Rules, 2015
[Personal & Private Circulation bearing no opinion or advice]
According to Rule 114B read with Section 139A, every person shall quote his PAN in
transactions specified below:
Date of Effect: 01.01.2016

S. No. Nature of Transactions Value of Transactions
1 Sale or purchase of a motor vehicle or vehicle which requires registration by
a registering authority other than two wheeled vehicles.
All Transactions.

2 Opening an account other than a time-deposit and a Basic Savings Bank
Deposit Account with a banking company or a co-operative bank.
All Transactions.

3 Making an application for issue of Debit or Credit Cards. All Transactions.

4 Opening of a DMAT Account. All Transactions.

5 Payment to a Hotel or Restaurant against a single bill or a single payment for
multiple bills.
Payment in cash
exceeding Rs. 50,000/-.

6 Payment in connection with travel to any foreign country or payment for
purchase of any foreign currency at any one time.
Payment in cash
exceeding Rs. 50,000/-.

7 Payment to a Mutual Fund for purchase of its units. Amount exceeding Rs.
50,000/-.

8 Payment to a company or an institution for acquiring debentures or bonds
issued by it.
Amount exceeding Rs.
50,000/-.

9 Payment to the Reserve Bank of India for acquiring bonds issued by it. Amount exceeding Rs.
50,000/-.

10 Deposit with a banking company or a co-operative bank. Deposit of cash exceeding
Rs. 50,000/- in one day.

11 Purchase of bank drafts or pay orders or banker’s cheques from a banking
company or a co-operative bank.
Deposit of cash exceeding
Rs. 50,000/- in one day.

12 A time deposit with:
– a banking company or a co-operative bank;
– a Post Office;
– a Nidhi; or
– a NBFC which holds a certificate of registration to hold or accept
deposit from public.
Amount exceeding Rs.
50,000/- for a single
transaction or
aggregating to more than
Rs. 5,00,000/- during a
financial year.

13 Payment for one or more pre-paid payment instruments to a banking
company or a co-operative bank or to any other company or institution.
Payment in cash or bank
draft or pay order or
banker’s cheque of an
amount aggregating to
more than Rs. 50,000/- in
a financial year.

14 Payment as life insurance premium. Amount aggregating to
more than Rs. 50,000/- in
a financial year.

15 A contract for sale or purchase of securities (other than shares). Amount exceeding Rs. 1
Lakh per transaction.

16 Sale or purchase of shares of an Unlisted company. Amount exceeding Rs. 1
Lakh per transaction.

17 Sale or purchase of any immovable property. Amount exceeding Rs. 10
lakh.

18 Sale or purchase of goods or services of any nature other than mentioned
above.

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