The Central Board of Direct Taxes (CBDT) has eased the requirement of quoting Permanent Account Number (PAN) or Aadhaar in the case of certain transactions by the government or a consular office, showed an official order.
The exemption from quoting PAN/Aadhaar is given by way of issuing the Income-tax (29th Amendment) Rules. CBDT said on Thursday this change will be deemed to have come into force from 9 July.
Income tax rules require every person depositing or withdrawing ₹20 lakh or more from a banking company or a cooperative bank or post office in a year or open a current account or cash credit account with these entities are required to quote their PAN or Aadhaar in the documents related to the transaction. And these entities that receive such document have to ensure that PAN or Aadhaar number has been quoted and authenticated.
According to the latest rule change, the central government, the state government, or a consular office are not covered by this requirement. CBDT also stated that by giving retrospective effect to the latest notification, no person will be adversely affected in this regard.
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Source from: https://www.livemint.com/news/india/centre-eases-pan-aadhaar-norm-for-government-consular-office-11662121769101.html
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