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)

The Table (sub-rule 1). A PAN is quoted in all documents for these transactions at the value stated:

No.	Transaction	Value
1	Application to a banking company or co-operative bank, or any other company or institution, for a credit card	All such transactions
2	Opening an account with a depository, participant, custodian of securities or other SEBI-registered person	All
3	Payment to the Reserve Bank of India for acquiring its bonds	Exceeding Rs. 50,000
4	Payment to a Mutual Fund for its units	Exceeding Rs. 50,000
5	Contract for sale or purchase of securities (other than shares)	Exceeding Rs. 1,00,000 per transaction
6	Cash deposits with a bank, co-operative bank or Post Office	Aggregating to ten lakh rupees or more in a financial year, in one or more accounts
7	Cash withdrawals from a bank, co-operative bank or post office	Aggregating to ten lakh rupees or more in a financial year, in one or more accounts
8	Sale or purchase of a motor vehicle (other than a tractor) requiring registration, or a motor cycle	Exceeding Rs. 5,00,000
9	Sale or purchase of shares of a company not listed on a recognised stock exchange	Exceeding Rs. 1,00,000 per transaction
10	Payment to a company or institution for debentures or bonds issued by it	Exceeding Rs. 50,000
11	Purchase, sale, gift or joint development agreement of immovable property	Exceeding twenty lakh rupees, or valued by the stamp valuation authority (section 78) at more than that
12	Opening an account (other than a time deposit under No. 13 and a Basic Savings Bank Deposit Account) with a bank or co-operative bank	All
13	A time deposit with a bank, co-operative bank, post office, Nidhi or deposit-taking NBFC	Exceeding Rs. 50,000, or aggregating to more than Rs. 5,00,000 in a financial year
14	Commencement of an account-based relationship with an insurer	Where insurance premium exceeds Rs. 50,000 in a financial year
15	Payment to a hotel, restaurant, convention centre, banquet hall or event manager	Cash payment exceeding Rs. 1,00,000 against a bill or bills at any one time
16	Sale or purchase of goods or services of any nature not covered by Nos. 1 to 15	Exceeding Rs. 2,00,000 per transaction

Column 4 of the Table names, for each transaction, the person who receives or issues the document, such as the manager or officer of the bank, the principal officer of the company, the registrar or sub-registrar for immovable property, or the person issuing the bill.

Special cases (sub-rules 2 to 4, 6). A minor with no taxable income quotes the PAN of a parent or guardian. A person (other than a company or firm) without a PAN who enters transactions at Sl. Nos. 11 to 16 makes a declaration in Form No. 97; so does a foreign company with no PAN and no income chargeable in India entering Sl. No. 12 or 13 in an IFSC banking unit. A person (other than a company or firm) without a PAN who enters Sl. Nos. 1 to 10, or No. 11 where the amount or stamp-duty value is forty-five lakh rupees or more, must apply for a PAN; this does not apply to a non-resident (not a company) or foreign company dealing with an IFSC banking unit with no income chargeable in India. The rule does not apply to the Central Government, State Governments and consular offices, or to the non-residents referred to in section 2(72) for Sl. Nos. 1, 3, 15 and 16.

Duties of the receiving or issuing person (sub-rule 5). To ensure the PAN, after verification, is correctly mentioned, or a Form No. 97 declaration with complete particulars is furnished; to record the valid PAN or the fact of the declaration in the transaction records; and to link and mention them in any information furnished to the income-tax authority or other authority.

Definitions and procedure (sub-rules 7 and 8). An "IFSC banking unit" is a financial institution under section 3(1)(c) of the International Financial Services Centres Authority Act, 2019 licensed or permitted by the Authority; a "time deposit" is a deposit repayable on the expiry of a fixed period. The Principal Director General or Director General of Income-tax (Systems) lays down the formats, standards and procedure for authenticating a PAN.