What is compliance with Section 139A(5)(c) of the Income Tax Act

What is compliance with Section 139A(5)(c) of the Income Tax Act
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Quick Summary
This discussion clarifies compliance with Section 139A(5)(c) of the Income Tax Act regarding PAN quoting. It confirms that sellers issuing invoices of ₹2,00,000 or more must display both their own and the customer's 10-digit PAN number on the invoice. This requirement, effective from 1st October 2021, is in addition to displaying the GST number.

Is Quoting the pan of both seller and customer is mandatory ,if the transaction amount exceeds ₹200000/- ??

 it is hereby declared that any person, who has been allotted a permanent account number under any clause other than clause (iv) of sub-section (1), shall not be required to obtain another permanent account number and the permanent account number already allotted to him shall be deemed to be .

In compliance with Section 139A(5)(c) of the Income Tax act all the sellers raising an invoice of INRs 2,00,000/- or more should display the 10-digit PAN number (of both vendor as well as a customer) on each such invoice as a separate field. This is with effect from 1st October 2021.

In addition to GST number, you have to separately display your as well as your customer's PAN number. 

Is  there any Notification related to this?

In compliance with  Section 139A(5)(c) of the Income Tax act all the sellers raising  an invoice of INRs 2,00,000/- or more should display the 10 digit PAN number (of both vendor as well as a customer)  on each such  invoice as a separate field.

This is with effect from 1st October 2021

In other words, in addition to GST number, you have to separately display your as well as your customers PAN number.

 

 

Dear Sir, What is the objective of this new rule?

Where is the notification related it...?
pls anyone if have provide it ...

becoz as per my knowledge its w.e.f from 2016
https://pib.gov.in/newsite/printrelease.aspx?relid=133304

than why so much shor in 2021

There is no such circular or new clause addition . Quoting of PAN has already been mentioned in Rule 11UB. 

Thanks Sir For Everyone.

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