A penalty notice under s.272B says ten thousand rupees for each of dozens of defaults. Where is PAN actually required to be quoted, what does a person without one do, and is the penalty really per default?
Rule 114B lists eighteen transactions in which every person must quote his permanent account number, from opening a bank account and buying a car to a sale or purchase of immovable property exceeding ten lakh rupees and any sale or purchase of goods or services exceeding two lakh rupees per transaction. A person other than a company or firm who has no permanent account number makes a declaration in Form No. 60 instead. Section 272B(1) charges ten thousand rupees for failure to comply with section 139A; sub-sections (2), (2A) and (2B) each charge ten thousand rupees 'for each such default', and no order under any of them may be passed without an opportunity of being heard.
Decided by the CBDT Circulars & Instructions (Not applicable — statutory text) on 2019-09-01, reported as Income-tax Act 1961, ss.139A(5) to (6B) and 272B; s.272B(2A) and (2B) inserted, and s.272B(2) amended, by Act No. 23 of 2019 with effect from 1 September 2019; Income-tax Rules 1962, rule 114B and Form No. 60. It bears on section 139A, section 139A(5), section 139A(6), section 139A(6A), section 139A(6B), section 272B, section 273B, section 2(30), section 50C of the Income Tax Act 1961, in Penalty, Cash Transaction Limits, TDS Defaults and How Tax Law Is Read matters.
Three practical points sit inside this scheme and each of them decides cases. First, the per-default language is not uniform. Section 272B(1), for failure to comply with section 139A, says simply 'a sum of ten thousand rupees'; sub-sections (2), (2A) and (2B) say 'a sum of ten thousand rupees for each such default'. Where the department multiplies ten thousand rupees by the number of deductees or documents, ask which sub-section it is acting under, because the words 'for each such default' appear in three of the four and not in the first. Second, the obligation under rule 114B is on the person entering into the transaction, not on the institution recording it, and the institution's separate duty is under section 139A(6) — to ensure the number has been duly quoted — and, for the transactions prescribed under section 139A(6A), to ensure it has been duly authenticated. Those are different duties with different penalties, and a bank or a registrar penalised under section 272B should establish which one it is said to have broken. Third, the escape hatch is Form No. 60, and it is narrower than it looks: the second proviso to rule 114B allows it only to a person 'not being a company or a firm' who has no permanent account number, and there is a separate limb for a foreign company with no Indian taxable income and no permanent account number entering a transaction at Sl. No. 2 or 12 in an IFSC banking unit. A minor without taxable income quotes a parent's or guardian's number. Note also the carve-outs: the rule does not apply to the Central Government, the State Governments and Consular Offices at all, and it applies to non-residents within section 2(30) only for the transactions at Sl. Nos. 1, 2, 4, 7, 8, 10, 12, 14, 15, 16 and 17. And note that section 273B is available: reasonable cause is a defence to section 272B, and the High Court has upheld its application where a deductor quoted invalid numbers supplied to him by his own deductees and corrected them as soon as the error was pointed out.
Binding on the department, not on the assessee or the courts. An assessee may rely on a circular that is beneficial to them.
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Section 139A(5) requires every person to quote his permanent account number in all his returns to and correspondence with any income-tax authority, in all challans for payment of any sum due under the Act, and in all documents pertaining to such transactions as may be prescribed by the Board in the interests of the revenue and entered into by him, and to intimate the Assessing Officer any change in address or in the name and nature of his business. Section 139A(6) requires every person receiving any document relating to a transaction prescribed under clause (c) to ensure that the permanent account number or the General Index Register number or the Aadhaar number has been duly quoted. Section 139A(6A) requires every person entering into such transaction as may be prescribed to quote his permanent account number or Aadhaar number in the documents and also to authenticate it in the prescribed manner, and section 139A(6B) requires the person receiving such a document to ensure both the quoting and the authentication. Rule 114B provides that every person shall quote his permanent account number in all documents pertaining to the transactions in its table: sale or purchase of a motor vehicle other than a two-wheeler requiring registration; opening an account other than a time deposit or Basic Savings Bank Deposit Account with a bank or co-operative bank; applying for a credit or debit card; opening a demat account; payment in cash exceeding fifty thousand rupees to a hotel or restaurant against a bill at any one time; payment in cash exceeding fifty thousand rupees at any one time in connection with foreign travel or purchase of foreign currency; payment exceeding fifty thousand rupees to a mutual fund for its units, to a company or institution for its debentures or bonds, or to the Reserve Bank of India for its bonds; cash deposits with a bank or Post Office exceeding fifty thousand rupees in one day or aggregating more than two lakh fifty thousand rupees between 9 November and 30 December 2016; purchase of drafts, pay orders or bankers' cheques in cash exceeding fifty thousand rupees in one day; a time deposit exceeding fifty thousand rupees or aggregating more than five lakh rupees in a financial year with a bank, Post Office, Nidhi or registered non-banking financial company; payment for pre-paid payment instruments in cash or by draft, pay order or banker's cheque aggregating more than fifty thousand rupees in a financial year; life insurance premium aggregating more than fifty thousand rupees in a financial year; a contract for sale or purchase of securities other than shares exceeding one lakh rupees per transaction; sale or purchase of unlisted shares exceeding one lakh rupees per transaction; sale or purchase of any immovable property exceeding ten lakh rupees or so valued by the stamp valuation authority under section 50C; and sale or purchase of goods or services of any nature not otherwise listed exceeding two lakh rupees per transaction. Its first proviso requires a minor with no income chargeable to tax to quote a parent's or guardian's number; its second proviso allows a person not being a company or firm who has no permanent account number to make a declaration in Form No. 60 giving the particulars of the transaction, in paper form or electronically under the electronic verification code; its third proviso allows a foreign company with no income chargeable to tax in India and no permanent account number entering a transaction at Sl. No. 2 or 12 in an IFSC banking unit to make a declaration in Form No. 60; and its fourth proviso excludes the Central Government, the State Governments and Consular Offices altogether and excludes non-residents within section 2(30) except for the transactions at Sl. Nos. 1, 2, 4, 7, 8, 10, 12, 14, 15, 16 and 17. Section 272B(1) provides that if a person fails to comply with section 139A the Assessing Officer may direct him to pay a penalty of ten thousand rupees. Sub-section (2) charges ten thousand rupees for each such default where a person required to quote his permanent account number or Aadhaar number in a document referred to in section 139A(5)(c), or to intimate it under section 139A(5A) or (5C), quotes or intimates a number which is false and which he either knows or believes to be false or does not believe to be true. Sub-section (2A) charges ten thousand rupees for each such default where a person required to quote or authenticate his number in the documents referred to in section 139A(6A) fails to do so. Sub-section (2B) charges ten thousand rupees for each such default where a person required to ensure that the number has been duly quoted in the documents relating to transactions referred to in section 139A(5)(c) or (6A), or duly authenticated in respect of transactions under section 139A(6A), fails to do so. Sub-section (3) provides that no order under sub-section (1), (2), (2A) or (2B) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard.
Statutory position — no holding is asserted; this entry reproduces statutory and subordinate legislative text. The transactions in which a permanent account number must be quoted are those in the rule 114B table, with their own thresholds; a person other than a company or firm who has no such number furnishes a declaration in Form No. 60 instead; the Central Government, State Governments and Consular Offices are outside the rule and non-residents are within it only for eleven of the eighteen serial numbers; the penalty under section 272B is ten thousand rupees, expressed as 'for each such default' in sub-sections (2), (2A) and (2B) but not in sub-section (1); and no penalty order under any of those sub-sections may be passed without an opportunity of being heard.
The scheme splits the duty three ways and the penalty follows the split, which is why identifying the sub-section matters. Section 139A(5)(c) puts the duty to quote on the person entering the transaction and leaves the transactions to be prescribed, which rule 114B does. Section 139A(6) puts a separate duty on the person RECEIVING the document, to ensure the number has been duly quoted. Section 139A(6A) and (6B), inserted with effect from 1 September 2019, add a further pair for prescribed transactions in which the number must also be authenticated, again one duty on the person entering and one on the person receiving. Section 272B then mirrors that structure: sub-section (1) is the general failure to comply with section 139A; sub-section (2) is the false number; sub-section (2A) is the section 139A(6A) quoting-and-authentication failure by the person entering; and sub-section (2B) is the corresponding ensuring failure by the person receiving. The words 'for each such default' were placed in sub-sections (2), (2A) and (2B) by the 2019 amendment and are not in sub-section (1), which is a difference in language within one section and therefore a difference the department must justify before multiplying a sub-section (1) penalty. Rule 114B is drafted as a duty on 'every person' with exceptions carved out by proviso rather than as a duty on institutions, and Form No. 60 is the substitute compliance for a person who has no number rather than a waiver — which is why the rule requires the declaration to give 'the particulars of such transaction' and why the fifth proviso required an existing account holder who had furnished neither by 30 June 2017 to do so.
(2A) If a person, who is required to quote his permanent account number or Aadhaar number, as the case may be, in documents referred to in sub-section (6A) of section 139A or authenticate such number in accordance with the provisions of the said sub-section, fails to do so, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees for each such default.
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Handle my notice → Ask a CA on WhatsAppRule 114B lists eighteen transactions in which every person must quote his permanent account number, from opening a bank account and buying a car to a sale or purchase of immovable property exceeding ten lakh rupees and any sale or purchase of goods or services exceeding two lakh rupees per transaction. A person other than a company or firm who has no permanent account number makes a declaration in Form No. 60 instead. Section 272B(1) charges ten thousand rupees for failure to comply with section 139A; sub-sections (2), (2A) and (2B) each charge ten thousand rupees 'for each such default', and no order under any of them may be passed without an opportunity of being heard. This was decided by the CBDT Circulars & Instructions (Not applicable — statutory text) and bears on section 139A, section 139A(5), section 139A(6), section 139A(6A), section 139A(6B), section 272B, section 273B, section 2(30), section 50C of the Income Tax Act 1961. It is reported as Income-tax Act 1961, ss.139A(5) to (6B) and 272B; s.272B(2A) and (2B) inserted, and s.272B(2) amended, by Act No. 23 of 2019 with effect from 1 September 2019; Income-tax Rules 1962, rule 114B and Form No. 60. Three practical points sit inside this scheme and each of them decides cases. First, the per-default language is not uniform. Section 272B(1), for failure to comply with section 139A, says simply 'a sum of ten thousand rupees'; sub-sections (2), (2A) and (2B) say 'a sum of ten thousand rupees for each such default'. Where the department multiplies ten thousand rupees by the number of deductees or documents, ask which sub-section it is acting under, because the words 'for each such default' appear in three of the four and not in the first. Second, the obligation under rule 114B is on the person entering into the transaction, not on the institution recording it, and the institution's separate duty is under section 139A(6) — to ensure the number has been duly quoted — and, for the transactions prescribed under section 139A(6A), to ensure it has been duly authenticated. Those are different duties with different penalties, and a bank or a registrar penalised under section 272B should establish which one it is said to have broken. Third, the escape hatch is Form No. 60, and it is narrower than it looks: the second proviso to rule 114B allows it only to a person 'not being a company or a firm' who has no permanent account number, and there is a separate limb for a foreign company with no Indian taxable income and no permanent account number entering a transaction at Sl. No. 2 or 12 in an IFSC banking unit. A minor without taxable income quotes a parent's or guardian's number. Note also the carve-outs: the rule does not apply to the Central Government, the State Governments and Consular Offices at all, and it applies to non-residents within section 2(30) only for the transactions at Sl. Nos. 1, 2, 4, 7, 8, 10, 12, 14, 15, 16 and 17. And note that section 273B is available: reasonable cause is a defence to section 272B, and the High Court has upheld its application where a deductor quoted invalid numbers supplied to him by his own deductees and corrected them as soon as the error was pointed out. If it applies to you, the first step is this: Identify the sub-section of s.272B under which the penalty is proposed before answering it, and take the point on quantum where the department has multiplied the penalty under sub-section (1), which does not carry the words 'for each such default'.
Section 139A(5) requires every person to quote his permanent account number in all his returns to and correspondence with any income-tax authority, in all challans for payment of any sum due under the Act, and in all documents pertaining to such transactions as may be prescribed by the Board in the interests of the revenue and entered into by him, and to intimate the Assessing Officer any change in address or in the name and nature of his business. Section 139A(6) requires every person receiving any document relating to a transaction prescribed under clause (c) to ensure that the permanent account number or the General Index Register number or the Aadhaar number has been duly quoted. Section 139A(6A) requires every person entering into such transaction as may be prescribed to quote his permanent account number or Aadhaar number in the documents and also to authenticate it in the prescribed manner, and section 139A(6B) requires the person receiving such a document to ensure both the quoting and the authentication. Rule 114B provides that every person shall quote his permanent account number in all documents pertaining to the transactions in its table: sale or purchase of a motor vehicle other than a two-wheeler requiring registration; opening an account other than a time deposit or Basic Savings Bank Deposit Account with a bank or co-operative bank; applying for a credit or debit card; opening a demat account; payment in cash exceeding fifty thousand rupees to a hotel or restaurant against a bill at any one time; payment in cash exceeding fifty thousand rupees at any one time in connection with foreign travel or purchase of foreign currency; payment exceeding fifty thousand rupees to a mutual fund for its units, to a company or institution for its debentures or bonds, or to the Reserve Bank of India for its bonds; cash deposits with a bank or Post Office exceeding fifty thousand rupees in one day or aggregating more than two lakh fifty thousand rupees between 9 November and 30 December 2016; purchase of drafts, pay orders or bankers' cheques in cash exceeding fifty thousand rupees in one day; a time deposit exceeding fifty thousand rupees or aggregating more than five lakh rupees in a financial year with a bank, Post Office, Nidhi or registered non-banking financial company; payment for pre-paid payment instruments in cash or by draft, pay order or banker's cheque aggregating more than fifty thousand rupees in a financial year; life insurance premium aggregating more than fifty thousand rupees in a financial year; a contract for sale or purchase of securities other than shares exceeding one lakh rupees per transaction; sale or purchase of unlisted shares exceeding one lakh rupees per transaction; sale or purchase of any immovable property exceeding ten lakh rupees or so valued by the stamp valuation authority under section 50C; and sale or purchase of goods or services of any nature not otherwise listed exceeding two lakh rupees per transaction. Its first proviso requires a minor with no income chargeable to tax to quote a parent's or guardian's number; its second proviso allows a person not being a company or firm who has no permanent account number to make a declaration in Form No. 60 giving the particulars of the transaction, in paper form or electronically under the electronic verification code; its third proviso allows a foreign company with no income chargeable to tax in India and no permanent account number entering a transaction at Sl. No. 2 or 12 in an IFSC banking unit to make a declaration in Form No. 60; and its fourth proviso excludes the Central Government, the State Governments and Consular Offices altogether and excludes non-residents within section 2(30) except for the transactions at Sl. Nos. 1, 2, 4, 7, 8, 10, 12, 14, 15, 16 and 17. Section 272B(1) provides that if a person fails to comply with section 139A the Assessing Officer may direct him to pay a penalty of ten thousand rupees. Sub-section (2) charges ten thousand rupees for each such default where a person required to quote his permanent account number or Aadhaar number in a document referred to in section 139A(5)(c), or to intimate it under section 139A(5A) or (5C), quotes or intimates a number which is false and which he either knows or believes to be false or does not believe to be true. Sub-section (2A) charges ten thousand rupees for each such default where a person required to quote or authenticate his number in the documents referred to in section 139A(6A) fails to do so. Sub-section (2B) charges ten thousand rupees for each such default where a person required to ensure that the number has been duly quoted in the documents relating to transactions referred to in section 139A(5)(c) or (6A), or duly authenticated in respect of transactions under section 139A(6A), fails to do so. Sub-section (3) provides that no order under sub-section (1), (2), (2A) or (2B) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard. The matter was decided on 2019-09-01 by the CBDT Circulars & Instructions (Not applicable — statutory text). On those facts the CBDT Circulars & Instructions held as follows. Statutory position — no holding is asserted; this entry reproduces statutory and subordinate legislative text. The transactions in which a permanent account number must be quoted are those in the rule 114B table, with their own thresholds; a person other than a company or firm who has no such number furnishes a declaration in Form No. 60 instead; the Central Government, State Governments and Consular Offices are outside the rule and non-residents are within it only for eleven of the eighteen serial numbers; the penalty under section 272B is ten thousand rupees, expressed as 'for each such default' in sub-sections (2), (2A) and (2B) but not in sub-section (1); and no penalty order under any of those sub-sections may be passed without an opportunity of being heard.
The scheme splits the duty three ways and the penalty follows the split, which is why identifying the sub-section matters. Section 139A(5)(c) puts the duty to quote on the person entering the transaction and leaves the transactions to be prescribed, which rule 114B does. Section 139A(6) puts a separate duty on the person RECEIVING the document, to ensure the number has been duly quoted. Section 139A(6A) and (6B), inserted with effect from 1 September 2019, add a further pair for prescribed transactions in which the number must also be authenticated, again one duty on the person entering and one on the person receiving. Section 272B then mirrors that structure: sub-section (1) is the general failure to comply with section 139A; sub-section (2) is the false number; sub-section (2A) is the section 139A(6A) quoting-and-authentication failure by the person entering; and sub-section (2B) is the corresponding ensuring failure by the person receiving. The words 'for each such default' were placed in sub-sections (2), (2A) and (2B) by the 2019 amendment and are not in sub-section (1), which is a difference in language within one section and therefore a difference the department must justify before multiplying a sub-section (1) penalty. Rule 114B is drafted as a duty on 'every person' with exceptions carved out by proviso rather than as a duty on institutions, and Form No. 60 is the substitute compliance for a person who has no number rather than a waiver — which is why the rule requires the declaration to give 'the particulars of such transaction' and why the fifth proviso required an existing account holder who had furnished neither by 30 June 2017 to do so. In the words reproduced by the source cited on this page: "(2A) If a person, who is required to quote his permanent account number or Aadhaar number, as the case may be, in documents referred to in sub-section (6A) of section 139A or authenticate such number in accordance with the provisions of the said sub-section, fails to do so, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees for each such default."
It was decided by the CBDT Circulars & Instructions on 2019-09-01 and is reported as Income-tax Act 1961, ss.139A(5) to (6B) and 272B; s.272B(2A) and (2B) inserted, and s.272B(2) amended, by Act No. 23 of 2019 with effect from 1 September 2019; Income-tax Rules 1962, rule 114B and Form No. 60. Binding on the department, not on the assessee or the courts. An assessee may rely on a circular that is beneficial to them. A CBDT circular or instruction binds officers of the department but not the assessee and not the courts. Where a circular helps you, you may hold the department to it. Where it hurts you, it cannot override the Act or a judgment. On section 139A, section 139A(5), section 139A(6), section 139A(6A), section 139A(6B), section 272B, section 273B, section 2(30), section 50C, the practical question is whether the facts of your own notice match the facts of this case closely enough for the same rule to apply.
It cuts both ways and is cited by both sides. Statutory position — no holding is asserted; this entry reproduces statutory and subordinate legislative text. The transactions in which a permanent account number must be quoted are those in the rule 114B table, with their own thresholds; a person other than a company or firm who has no such number furnishes a declaration in Form No. 60 instead; the Central Government, State Governments and Consular Offices are outside the rule and non-residents are within it only for eleven of the eighteen serial numbers; the penalty under section 272B is ten thousand rupees, expressed as 'for each such default' in sub-sections (2), (2A) and (2B) but not in sub-section (1); and no penalty order under any of those sub-sections may be passed without an opportunity of being heard. It arises in Penalty, Cash Transaction Limits, TDS Defaults and How Tax Law Is Read matters, on section 139A, section 139A(5), section 139A(6), section 139A(6A), section 139A(6B), section 272B, section 273B, section 2(30), section 50C of the Income Tax Act 1961, and was decided by Not applicable — statutory text. Before relying on it, read the source linked on this page and check whether it has since been distinguished, overruled or overtaken by an amendment to the Income Tax Act. In practice the steps that follow from it are these. Test the transaction against the rule 114B table by serial number and value; the thresholds are not uniform — fifty thousand rupees for hotel and restaurant bills paid in cash, foreign travel and mutual fund units; one lakh rupees per transaction for securities other than shares and for unlisted shares; ten lakh rupees for immovable property; and two lakh rupees per transaction for goods or services not otherwise listed. Where the client has no permanent account number, take Form No. 60 with the transaction particulars, in paper or electronically under the electronic verification code, and keep it — it is the compliance, not an excuse for non-compliance. Check the exclusions before conceding a default: the Central Government, State Governments and Consular Offices are outside the rule entirely, and a non-resident within s.2(30) is outside it except for the eleven serial numbers listed in the fourth proviso. For a minor with no income chargeable to tax, quote the father's, mother's or guardian's number, as the first proviso to rule 114B requires, rather than leaving the field blank. Plead s.273B reasonable cause with the primary evidence — the declarations collected, the corrections filed, the date the error came to notice — because that is what has succeeded in the High Court. Insist on the s.272B(3) hearing; no order under sub-section (1), (2), (2A) or (2B) may be passed without an opportunity of being heard, and an order passed without one is bad on its face.
Still good law. This is the statute and the rule, not a decision about them. Section 272B in its current five-sub-section form was read from two departmental pages stamped Year 2020 and Year 2023 which agree word for word, the earlier of the two carrying the three footnotes attributing sub-sections (2A) and (2B) and the amendments to sub-section (2) to Act No. 23 of 2019 with effect from 1 September 2019. Because no page carrying a stamp later than 2023 was located for section 272B, and none later than 2023 for section 139A, a subsequent amendment to either cannot be excluded. Rule 114B carries no year stamp, as no departmental rule page does. Eleven suffixed section 272B pages were probed, of which nine are archived pages of earlier vintages and two — the pages stamped Year 2020 and Year 2023 — print the current text; every archived page stamped 2018 or earlier prints superseded text. All eleven are listed in the editor note so that a later pass does not mistake an archived page for the current position. No source could be cited for that finding. Checking whether an authority still stands matters as much as knowing what it held: a decision may be overruled on one point and survive on another, or the provision it interprets may have been amended since. Read the source and the editor's note on this page before relying on it in a reply to an Assessing Officer or in an appeal.
This is a statutory entry, not a decided case. The 'tier' value 'cbdt' is used because the library's fixed tier vocabulary has no value for a statutory entry; 'bench' reads 'Not applicable — statutory text' and 'favours' is null. The date in 'decided_on', 1 September 2019, is the COMMENCEMENT DATE of the latest amendment stated here — the insertion of sections 272B(2A) and (2B), and of the words 'or Aadhaar number, as the case may be' and 'for each such default' in sub-section (2), by Act No. 23 of 2019, recorded in footnotes 24, 25 and 26 on the departmental page — and is not a decision date. Sourcing, and a warning. Section 272B has a very large number of archived departmental pages and the numeric suffix does not track vintage in any usable way: on this pass the suffixes -5, -9, -13, -16, -21, -24, -33, -38, -42, -46 and -50 returned pages stamped, respectively, 1990, 2012, 1993, 2006, 2008, 1985, 1984, 2014, 2020, 2023 and 2018. Only the pages stamped Year 2020 and Year 2023 print the post-2019 text with sub-sections (2A) and (2B); those two agree word for word and are what this entry states, the Year 2020 page carrying the three amendment footnotes. Every page stamped 2018 or earlier prints the superseded three-sub-section text and must not be used. The page at suffix -13 returned a Taxmann copyright line at its foot; its content was consistent with the other 1993-era pages but it was not used for anything and no reader should rely on it. Section 139A sub-sections (5) to (6B) were read from the departmental page stamped Year 2023; the base page, stamped Year 2000, prints sub-sections (5) to (8) without (5A) to (5D) or (6A) and (6B) and was not used to state the current position. Rule 114B was read in full from https://www.incometaxindia.gov.in/w/rule-114b; departmental RULE pages carry no 'Year:' stamp and this one printed none, so the rule is not dated here and I do not claim to have dated it. One transcription oddity in the rule page: the Explanation prints two consecutive clauses both labelled '(1A)', the first defining 'IFSC banking unit' and the second defining 'payment in connection with travel'; on the face of the sequence the second should be '(1)' or the first an inserted '(1A)', but the page as served prints both with the same label and I have not resolved it. Form No. 60 itself was not opened on this pass; what is said about it is what rule 114B says. Sl. No. 10 of the rule 114B table refers to cash deposits aggregating more than two lakh fifty thousand rupees during 9 November to 30 December 2016, which is a spent demonetisation-period limb. No indiankanoon bare-act page was used for any part of this entry. This library shows the verification state of every entry openly. This entry has not yet been read in full by a chartered accountant. The summary reflects the sources listed on this page. Read the source before you rely on it in a reply to an Assessing Officer or in an appeal before the Commissioner (Appeals) or the Income Tax Appellate Tribunal.
Statutory position — no holding is asserted; this entry reproduces statutory and subordinate legislative text. The transactions in which a permanent account number must be quoted are those in the rule 114B table, with their own thresholds; a person other than a company or firm who has no such number furnishes a declaration in Form No. 60 instead; the Central Government, State Governments and Consular Offices are outside the rule and non-residents are within it only for eleven of the eighteen serial numbers; the penalty under section 272B is ten thousand rupees, expressed as 'for each such default' in sub-sections (2), (2A) and (2B) but not in sub-section (1); and no penalty order under any of those sub-sections may be passed without an opportunity of being heard.
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