Section 159 — Transactions in relation to which Permanent Account Number is to be quoted or applied for purposes of section 262(1)(f) and 262(10)(c) and (e)

(1) Every person shall quote his Permanent Account Number in all documents, pertaining to the transactions specified in column 2 for value oftransaction specified in column 3 of the following Table: —
TABLE
S.No. Nature of transaction Value of transaction Person receiving or issuing the document in relation totransaction in column (2)
1 2 3 4
1. Making an application to any banking company or a co-operative bank to which the Banking Regulation Act,1949 (10 of 1949), applies (including any bank orbanking institution referred to in section 51 of that Act)or to any other company or institution, for issue of acredit card.
All such transactions.(i) Manager or officer of a banking company or co-operative bank; or(ii) the principal officer of the company; or(iii) the principal officer of the institution,as the case may be.
2. Opening of an account with a depository, participant,custodian of securities or any other person registeredunder section 12(1A) of the Securities and ExchangeBoard of India Act, 1992 (15 of 1992).
All such transactions.The depository, participant, custodian of securities or anyother person registered under section 12(1A) of the Securitiesand Exchange Board of India Act, 1992 (15 of 1992).
3. Payment to the Reserve Bank of India, constitutedunder section 3 of the Reserve Bank of India Act, 1934(2 of 1934) for acquiring bonds issued by it.
Amount exceeding Rs. 50,000.The officer of the Reserve Bank of India, constituted undersection 3 of the Reserve Bank of India Act, 1934 (2 of 1934),or of any agency bank authorised by the Reserve Bank ofIndia.
4. Payment to a Mutual Fund for purchase of itsunits. Amount exceeding Rs.50,000. The trustee or any other person duly authorised bythe trustee of a Mutual Fund.
5. A contract for sale or purchase of securities (other thanshares) as defined in section 2(h) of the SecuritiesContracts (Regulation) Act, 1956 (42 of 1956).
Amount exceeding Rs. 1,00,000per transaction. (i) The principal officer of the company; or(ii) stock-broker, sub-broker, share transfer agent, bankerto an issue, trustee of a trust deed, registrar to issue,merchant banker, underwriter, portfolio manager,investment adviser and such other intermediariesregistered under section 12(1) of the Securities andExchange Board of India Act, 1992 (15 of 1992),as the case may be.
6. Deposit with—
(i) a banking company or a co-operative bank towhich the Banking Regulation Act, 1949 (10of 1949), applies (including any bank orbanking institution referred to in section 51 ofthat Act); or(ii) Post Office.
Cash deposits aggregating toten lakh rupees or more in afinancial year, in one or moreaccount of a person
(i) Manager or officer of a banking company or co-operative bank; or(ii) postmaster; or(iii) the principal officer of the institution,as the case may be.
7. Withdrawal with—(i) a banking company or a co-operative bank towhich the Banking Regulation Act, 1949 (10of 1949), applies (including any bank orbanking institution referred to in section 51 ofthat Act); or(ii) post office.
Cash withdrawals aggregatingto ten lakh rupees or more in afinancial year, in one or moreaccount of a person
(i) Manager or officer of a banking company or co-operative bank; or(ii) postmaster; or(iii) the principal officer of the institution,as the case may be.
8. Sale or purchase of—(i) motor vehicle or vehicle, as defined in section2(28) of the Motor Vehicles Act, 1988 (59 of1988), which requires registration by aregistering authority under Chapter IV of thatAct, except 'tractor' as defined in section 2(44)of the said Act; or(ii) motor cycle as defined in section 2(27) of theMotor Vehicles Act, 1988 (59 of 1988).
Amount exceeding Rs.5,00,000. The person who sells the motor vehicle or motor cycle.
9. Sale or purchase, by any person, of shares of a companynot listed in recognised stock exchange.Amount exceeding Rs. 1,00,000per transaction The principal officer of a company issuing such shares
10. Payment to a company or an institution for acquiringdebentures or bonds issued by it.Amount exceeding Rs. 50,000The principal officer of a company or an institution issuingsuch bonds or debentures.
11. Purchase or sale or gift or joint development agreementby any person of any immovable property. Amount exceeding twenty lakhrupees or valued by stampvaluation authority referred toin section 78, at an amountexceeding twenty lakh rupees.
Inspector-General appointed under section 3 of theRegistration Act, 1908 (16 of 1908) or Registrar or Sub-Registrar appointed under section 6 of that Act.
12. Opening an account other than a time-deposit referredin Sl. No. 13 and a Basic Savings Bank DepositAccount with—(i) a banking company; or(ii) a co-operative bank to which the BankingRegulation Act, 1949 (10 of 1949), applies(including any bank or banking institutionreferred to in section 51 of that Act).
All such transactions.i. Manager or officer of a banking company or co-operative bank; orii. the principal officer of the institution,as the case may be.
13. A time deposit with—
i. a banking company or a co-operative bank towhich the Banking Regulation Act, 1949 (10of 1949), applies (including any bank orbanking institution referred to in section 51 ofthat Act); orii. a post office; oriii. a Nidhi referred to in section 406 of theCompanies Act, 2013 (18 of 2013); oriv. a non-banking financial company which holdsa certificate of registration under section 45-IAof the Reserve Bank of India Act, 1934 (2 of1934), to hold or accept deposit from public.
Amount exceeding Rs. 50,000or aggregating to more than Rs.5,00,000 during a financialyear.
i. Manager or officer of a banking company or co-operative bank; orii. postmaster; oriii. the principal officer of the company; oriv. the principal officer of the institution,as the case may be.
14. Commencement of account- based relationship with aninsurer as defined in section 2(9) of the Insurance Act,1938 (4 of 1938)
All such transactions whereinsurance premium exceeds Rs.50,000 during a Financial year.
The manager or officer of an insurer.
15. Payment toi. a hotel or restaurant; orii. a convention Centre; oriii. a banquet hall; oriv. any person engaged in event management,against a bill or bills at any one time.
Payment in cash of an amountexceeding Rs. 1,00,000.The person issuing the document including the bill.
16. Sale or purchase by any person, of goods or services ofany nature other than those specified at Sl. Nos. 1 to 15,if any.
Amount exceeding Rs. 2,00,000per transaction. The person issuing the document including the bill.
(2) In respect of transactions mentioned in column (2) of the Table in sub-rule (1)—
(a) any person who is a minor, not having any income chargeable to tax, and who enters into any of the said transactions, shall quote the PermanentAccount Number of his father or mother or guardian, as the case may be, in the document pertaining to the said transaction;(b) any person, not being a company or a firm, and who does not have a Permanent Account Number, entering into any of the transactions mentioned at Sl.Nos. 11 to 16, shall make a declaration in Form No. 97 giving therein the particulars of such transaction;(c) out of the transactions mentioned in clause (ii), a foreign company entering into transactions at Sl. No. 12 or 13 in an IFSC banking unit, who does nothave—(I) a Permanent Account Number; and(II) any income chargeable to tax in India,shall make a declaration in Form No. 97;
(3) For the purposes of section 262(1)(f), any person, not being a company or a firm, and who does not have permanent account number, entering into,—
(a) any of the transactions mentioned at Sl. Nos. 1 to 10;
(b) transaction mentioned at Sl. No. 11, where amount of immovable property exceeds forty-five lakh rupees or more, or its value as per stamp valuationauthority referred to in section 78 of the Registration Act, 1908 (16 of 1908) exceeds forty-five lakh rupees,shall apply for Permanent Account Number.
(4) The provisions of sub-rule (3) shall not apply in a case,—
(a) where the person carrying out transactions as per Sl. Nos. 1 to 10 of column (2) of the Table in sub-rule (1), is a non-resident (not being a company) ora foreign company;(b) the transaction is entered into with an IFSC banking unit; and
(c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India.
(5) The person referred to in column (4) of Table in sub-rule (1), who has received or issued any document, shall ensure that,—
(a) Permanent Account Number after verification, has been duly and correctly mentioned therein or as the case may be, a declaration in Form No. 97 hasbeen duly furnished with complete particulars;(b) the valid Permanent Account Number or the fact of furnishing of Form No. 97, is duly mentioned in the records maintained for the transactionsreferred to in column (2) of Table in sub-rule (1); and(c) the Permanent Account Number or the details of Form No. 97 are linked and mentioned in any information furnished to the income-tax authority orany other authority or agency under any provision of the Act or any rule made thereunder.(6) The provisions of sub-rule (1) shall not apply to the following class or classes of persons:—
(a) the Central Government, State Governments and the consular offices; and
(b) the non-residents referred to in section 2(72) in respect of the transactions referred to against Sl. No. 1 or 3 or 15 or 16 of the Table.
(7) For the purposes of this rule,—
(a) "IFSC banking unit" means a financial institution defined under section 3(1)(c) of the International Financial Services Centres Authority Act, 2019 (50of 2019), that is licensed or permitted by the International Financial Services Centres Authority to undertake permissible activities under theInternational Financial Services Centres Authority (Banking) Regulations, 2020; and(b) "time deposit" means any deposit which is repayable on the expiry of a fixed period.
(8) The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along withprocedure as regards the manner of authentication of Permanent Account Number.