The CBDT vide Notification No. 53/2022 dated May 10, 2022 has issued the Income-Tax Amendment (Fifteenth Amendment) Rules, 2022 to further amend the Income-Tax Rules, 1962 (“the IT Rules”), in order to notify the transactions and persons to quote Permanent Account Number (“PAN”) in specified transactions for authentication purpose, in a following manner:
Introduced new Rule 114 (3)(vii) of the IT Rules to prescribe the manner of making an application for allotment of a PAN at least seven days before the transaction, for a person who intends to enter into the transaction prescribed under Section 139A(1)(vii) of the Income-tax Act, 1961 (“the IT Act”) i.e. transaction as prescribed by the CBDT in the interest of revenue.
New Rule 114BA of the IT Rules has been introduced to notify the transactions for the purposes of Section 139A(1)(vii).
New Rule 114BB of the IT Rules has been introduced w.e.f. June 10, 2022 w.r.t. transactions for the purposes of Section 139A(6A) of the IT Act (i.e. every person entering into such transaction, to quote PAN or Aadhaar number, in the documents pertaining to such transactions and also authenticate such PAN or Aadhaar number) and prescribed person for the purposes of Explanation to Section 139A(ab) of the IT Act (i.e. authentication).
Source: Taxation -Notification
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