From 1 january 2005 it will be mandatory to quote pan on challans for any payments due to income tax department. Finance act, 2018 amended section 139a of the. Section 139a (5) provides that the cbdt has the power to specify the classes of person where quoting of pan is mandatory.
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Posted on january 9, 2020 — no comments.
The said section reads as under:.
The penalty provisions of section 272b of the income tax act gets attracted in case the person fails to comply with various provisions of the permanent account. Cbdt has specified rule 114b for. Verification of permanent account number (pan) in transactions specified in rule 114b [rule 114c]. Quoting of pan is compulsory in the following transactions :
On allotment of permanent account number, every person shall: Transactions where quoting of pan made compulsory [section 139a (5) (c) and rule 114b] every person shall quote his pan (permanent account number) in all documents. Pan to be quoted in certain cases [section 139a(5)] on allotment of permanent account number, every person shall: Section 139a (5) (c) of income tax act states that pan is required to be quoted on transactions prescribed by cbdt.
Section 139aa (2) of the income tax act, 1961, mandates that every person who has been allotted a permanent account number (pan) as on july 1, 2017, and is eligible to obtain.
Giving a brief background about the rules 114b and 114c and the relevant provision of section 139a (5) (c), elucidates the provision with an illustration that how a. (a) quote such number in all his returns to, or. (1) every person, if his total income or the total income of any other person in respect of which he is assessable under this act during any previous year exceeded the. In these cases, the certificate of incorporation (coi) issued by mca contains a mention of both pan and tan.
Quote such number in all his returns to, or correspondence. Giving a brief background about the rules 114b and 114c and the relevant provision of section 139a (5) (c), elucidates the provision with an illustration that how a. Pan to be quoted in certain cases [section 139a(5)]: {section 139a (5) (a) and (b)} it is also compulsory to quote.
Section 139a (5) (c) of the income tax act is an essential provision that mandates every person who is required to apply for a permanent account number.
Permanent account number (pan) [section 139a] : 5.1 section 139a(5a) puts the deductees under obligation to supply their pan to the deductor and further the deductor u/s.139a(5b) is under obligation to quote. In such case, the seller of goods/services. The facts relating to the issue in dispute are that ito (tds), jammu during the course of inspection on 18.02.2010 noticed that the person responsible i.e.
![Financial transactions where quoting of PAN mandatory [2022] BIZINDIGO](https://i2.wp.com/www.bizindigo.com/wp-content/uploads/2022/02/20-transactions-quoting-pan-mandatory-bizindigo.png?fit=1200%2C600&ssl=1)
