Hunny Kuchhal

Hunny KuchhalRevised Compliance Relating To Quoting Of PAN w.e.f 01.01.2016 : Implications on Assessee liable for Audit U/s 44AB of the Act in Synopsis

There are few amendments introduced in sections 139A read with Rule 114B-114D of Income Tax Act, 1961 w.e.f 01.01.2016 regarding Rules & Forms related to quoting of PAN for specified Transactions.

Now, Every person shall quote his PAN in all documents pertaining to the transactions specified, namely:—

1. Sale & Purchase of a motor Vehicle or Vehicle, other than 2 wheeled vehicles.

2. Sale or Purchase of any Immovable Property for Amount exceeding 10 Lakhs Rupees.

3. Sale or Purchase of goods & Services of any nature other than (1) & (2) above for Amount exceeding 2 Lakhs Rupees per transaction.

♥ In case any person, entering into these transactions is minor, he shall quote PAN of Guardian.

♥ In Case any person , does not have a PAN, he shall make a declaration in Form No. 60 (Copy Enclosed) giving the particulars of Such Transactions.

♥ Every person who is required to get his accounts audited U/s 44AB of the Act,shall furnish a statement in Form 61 containing the particulars of the Form 60 obtained.

♥ Forms 60 obtained to be retained for a period of 6 Years from the end of financial year in which the transaction was undertaken.

♥ Details of Form 60 received by 31st March, to be furnished by 30th April & Form 60 received by 30th September, to be furnished by 31st October in Form 61.

Further, a statement containing Receipt of Cash payment exceeding Rs. 2 Lacs (aggregate of all transactions during the year) for sale of Goods or Services of any nature by any person to be furnished in Form 61A annually. The first statement in Form 61A shall be filed containing the transaction on or after Apr. 1, 2016 upto Mar. 31, 2017.

Penalty for non-furnishing of Statement will be of Rs. 100 per day of default.

For further clarifications, see the official Notification No. 95 Dt. 30.12.2015.

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  • G PRASANNA BAIRY

    Form 61A need to be filled for the financial year 2015-16 as well in accordance with Income Tax 7th (Amendment) Rules.

  • shankar

    Does point 3 means both seller and buyer of goods/ services PAN should be quoted in the invoice/ bill generated?

    • hunny kuchhal

      It is always preferable to have the PAN on the invoice. But it is not mandatory. you just need to have the PAN of the party

  • S Balasubramanian

    Some positive steps to curb black money and parallel economy will do well in coming years

  • Lovkesh Batra

    Nice Article

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