Section 161 — Transactions for purposes of section 262(9)(a)

(1) For the purposes of section 262(9)(a), every person shall, at the time of entering into a transaction specified in column 2 of the following Table, quotehis Permanent Account Number in documents pertaining to such transaction, and every person specified in column (3) of the said Table, who receives suchdocument, shall ensure that the said number has been duly quoted and authenticated:
TABLE
Sl.No. Nature of transaction Person
1 2 3
1. Cash deposit or deposits aggregating to twenty lakh rupees ormore in a financial year, in one or more account of a person with—

(i) a banking company or a co-operative bank to which theBanking Regulation Act, 1949 (10 of 1949) applies (includingany bank or banking institution referred to in section 51 of thatAct);
(i) A banking company or a co-operative bank to which the Banking RegulationAct, 1949 (10 of 1949) applies (including any bank or banking institutionreferred to in section 51 of that Act);
(ii) Post Office (ii) Post Master General as referred to in section 2(j) of the Indian Post OfficeAct, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Headas referred in the Post Office Rules, 2024 framed under the Post Office Act,2023 (43 of 2023).
2. Cash withdrawal or withdrawals aggregating to twenty lakhrupees or more in a financial year, in one or more account of aperson with,—

(i) A banking company or a co-operative bank to which theBanking Regulation Act, 1949 (10 of 1949) applies (includingany bank or banking institution referred to in section 51 of thatAct);
(i) A banking company or a co-operative bank to which the Banking RegulationAct, 1949 (10 of 1949) applies (including any bank or banking institutionreferred to in section 51 of that Act);
(ii) Post Office (ii) Post Master General as referred to in section 2(j) of the Indian Post OfficeAct, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Headas referred in the Post Office Rules, 2024 framed under the Post Office Act,2023 (43 of 2023).
3. Opening of a current account or cash credit account by a personwith,—
(i) A banking company or a co-operative bank to which theBanking Regulation Act, 1949 (10 of 1949) applies (includingany bank or banking institution referred to in section 51 of thatAct);
(i) A banking company or a co-operative bank to which the Banking RegulationAct, 1949 (10 of 1949) applies (including any bank or banking institutionreferred to in section 51 of that Act);
(ii) Post Office (ii) Post Master General as referred to in section 2(j) of the Indian Post OfficeAct, 1898 (6 of 1898) (as it existed prior to its repeal) or the Regional Headas referred in the Post Office Rules, 2024 framed under the Post Office Act,2023 (43 of 2023).
(2) The provisions of sub-rule (1) shall not apply in a case where the person carrying out transaction in column 2 of Table is the Central Government, a StateGovernment or a consular office.
(3) The provisions of sub-rule (1) shall not apply in a case,—
(a) where the person, carrying out transaction as per Sl. Nos. 1 to 3 of column (2) of Table is a non-resident (not being a company) or a 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.
(4) For the purposes of sub-rule (3), "IFSC banking unit" shall have the meaning assigned to it in rule 159(7)(a).
(5) The Permanent Account Number of an individual shall be submitted to the Principal Director General of Income-tax (Systems), or the Director General ofIncome-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems), or the Director General of Income-tax (Systems)with the approval of the Board, for the purposes of authentication referred to in section 262.
(6) The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along withprocedure for authentication of Permanent Account Number.