Ministry of Finance
Notification No. 53/2022 [F.No. 370142/49/2020-TPL] / GSR 346(E) was published on 10 May 2022. Its subject is Ministry of Finance.
This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.
Made under clause (vii) of sub-section (1) and sub-section (6A) of section 139A and clause (ab) of the Explanation to that section, read with section 295 of the Income-tax Act, 1961, the Income-tax (Fifteenth Amendment) Rules, 2022 insert a new clause (vii) in sub-rule (3) of rule 114, requiring a person who intends to enter into a transaction prescribed under section 139A(1)(vii) to apply for a permanent account number at least seven days before the date on which he intends to enter into it. A new rule 114BA is inserted prescribing those transactions: cash deposits aggregating twenty lakh rupees or more in a financial year in one or more accounts with a banking company, a co-operative bank to which the Banking Regulation Act, 1949 applies (including a bank or banking institution referred to in section 51 of that Act) or a Post Office; cash withdrawals aggregating twenty lakh rupees or more in a financial year from such accounts; and the opening of a current account or cash credit account with any such bank or Post Office. A further new rule 114BB, to come in after sixty days, requires every person entering a transaction specified in its Table to quote his permanent account number or Aadhaar number in the documents of that transaction, and requires the bank, co-operative bank or the Post Master General referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 who receives the document to ensure that the number has been duly quoted and authenticated.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th May, 2022
G.S.R. 346(E).––In exercise of the powers conferred by clause (vii) of sub-section (1), sub-section(6A) of section 139A, and clause (ab) of Explanation to the said section read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-1. Short title and commencement.–– (1) These rules may be called the Income–tax (Fifteenth Amendment) Rules, 2022.
(2) Save as otherwise provided in these rules, they shall come into force after the expiry of fifteen days from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962,––
(a) in rule 114, in sub-rule (3), after clause (vi), the following clause shall be inserted, namely:—
"(vii) in the case of a person who intends to enter into the transaction prescribed under clause (vii) of sub-section (1) of section 139A, at least seven days before the date on which he intends to enter into the said transaction.";(b) after rule 114B, the following rule shall be inserted, namely:―
"114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.–– The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A, namely:—(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;
(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;
(c) opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.";
(c) after rule 114BA, as so inserted by the Income-tax (Fifteenth Amendment) Rules, 2022, the following rule shall be inserted after the expiry of sixty days from the date on which this notification is published in the Official Gazette, namely:―
"114BB. Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A.–– (1) Every person shall, at the time of entering into a transaction specified in column (2) of the Table below, quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and every person specified in column (3) of the said Table, who receives such document, 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 or more in a financial year, in one or more account of a person with, —
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Office| (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).2. Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with, —
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Office| (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).3. Opening of a current account or cash credit account by a person with, —
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Office| (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).(2) The permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 139A.
(3) Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along with procedure for authentication of permanent account number or Aadhaar number.".
[Notification No. 53/2022/F.No. 370142/49/2020-TPL]
SHEFALI SINGH, Under Secy., Tax Policy and LegislationNote:- The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last amended vide notification GSR 343(E), dated the 09th May, 2022.
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After the expiry of fifteen days from the date of publication in the Official Gazette, save that rule 114BB takes effect after the expiry of sixty days from that date.
At the bank or post office counter when a large cash transaction or a new current or cash credit account is put through, in the permanent account number application under rule 114, and in any departmental enquiry into unquoted or unauthenticated numbers on such transactions.
A person who has no permanent account number expects to deposit cash of twenty-five lakh rupees in his savings account during the financial year. He must apply for the number at least seven days before the deposit he intends to make, and once rule 114BB is in force the bank taking the deposit must see that the number or the Aadhaar number is quoted on the documents and authenticated.
Rules it names. Rule 114, 114B, 114BA of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.
← Notification No. 55/2022 [F. No. 370142/51/2020-TPL(Part III)] / SO 2426(E) · Notification No. 51/2022 [F. No. 370142/4/2021-TPL] / GSR 343(E) →
Source: the Income Tax Department’s own published text — its page for this instrument.