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.
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;
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