Quick Summary
The Central Board of Direct Taxes (CBDT), through the Draft Income-tax Rules, 2026, has proposed Rule 159, prescribing transactions where quoting or applying for a Permanent Account Number (PAN) is mandatory under sections 262(1)(f), 262(10)(c) and 262(10)(e) of the Income-tax Act, 2025. The rule aims to enhance financial transparency, track high-value transactions, and strengthen the reporting framework by placing clear compliance responsibilities on individuals, businesses, banks, and interme
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FAQ :
The rules aim to enhance financial transparency, track high-value transactions, and strengthen the reporting framework by making PAN quoting mandatory for specified transactions.
Quoting PAN becomes mandatory for cash deposits or withdrawals aggregating to Rs 10 lakh or more in a financial year.
PAN is mandatory for sale, purchase, gift, or joint development of immovable property where the value or stamp valuation exceeds Rs 20 lakh. For transactions over Rs 45 lakh, individuals without PAN must apply for one.
Yes, exemptions include Central Government, State Governments, Consular Offices, certain specified non-residents, and non-residents transacting with IFSC banking units without taxable income in India. Minors without taxable income can use a parent's or guardian's PAN.
The responsibility lies with the person issuing or receiving the document, including banks, financial institutions, intermediaries, and service providers.
Individuals other than companies or firms without a PAN may submit a declaration in Form No. 97 for specific transactions, provided they meet certain conditions.
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