Notification on Quoting of PAN

CBDT Notification No. 95 dated 31^st December 2015

Amendment of Rules 114B, 114C, 114D of IT Rules

Amendment of Forms No. 60, 61 and 61A pursuant to CBDT press release dated December 15, 2015 wherein quoting PAN was made mandatory for transactions exceeding Rs. 2 lakhs. To come into force from January 1, 2016

Highlights:

• Amendment of Rule 114B (transactions in relation to which PAN is to be quoted). To come into force from January 1, 2016.
• Amendment of Rule 114C (verification of PAN). To come into force from January 1, 2016
• Amendment of Rule 114D (furnishing of statement containing particulars of Form No. 60). To come into force from January 1, 2016
• Amendment of Rule114E (furnishing statement of financial transaction) effective from April 1,2016
• Revised Form No. 60 (declaration to be filed in absence of PAN)
• Substitution of Form No. 61 (declaration to be filed by a person who has agricultural income and is not in receipt of any other income chargeable to tax)
• Amendment of Form No. 61A (statement of specified financial transactions)