DBOD.No.BP.BC.110/21.02.051/98
November 18, 1998
Kartika 27, 1920 (Saka)
All Commercial Banks
Dear Sir,
transactions
in relation to which permanent account no. (pan) or general index register
(gir) number to be quoted in all documents- notification dated 9th october,
1998 issued in the gazette of india, extraordinary part ii, section 3 by central
board of direct taxes
The Central Board of Direct Taxes,
Department of Revenue, Ministry of Finance have issued Notification dated 9th
October 1998 on the above subject regarding insertion of Rule 114B to 114D in
the Income Tax Rules 1962 which has come into force with effect from 1st November
1998. Banks are, therefore, in supersession of the earlier instructions contained
in the circular dated 12th August 1976 advised as under:
2. In terms of Rule 114B ibid, every
person should quote his PAN or GIR Number in all documents pertaining, among
other things, to the following transactions:
(a) A time deposit, exceeding Rs.
50,000 with a banking company 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);
(b) A contract of a value exceeding
Rs. 10 lakh for sale or purchase of securities as defined in clause (h) of Section
2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
The rule provides that a person
shall quote GIR Number till such time the permanent account number is allotted.
3. The notification also provides
for the following :-
(a) where a person making an application
for opening an account is a minor and who does not have any income chargeable
to income tax, he shall quote the permanent account number or General Index
Register Number of his father or mother or guardian, as the case may be in the
document pertaining to the transaction;
(b) any person who enters into any
transaction specified above and who has not been allotted a permanent account
number or General Index Register Number shall make a declaration in Form No.
60 (copy enclosed) giving therein the particulars of such transaction. The Form
No. 60 be got printed and stocked adequately in branches for customers' convenience.
4. Further, in terms of Rule 114C
ibid,
(a) those who have agricultural
income and are not in receipt of any other income chargeable to Income tax would
have to make a declaration in Form No. 61 (copy enclosed) in respect of the
transactions referred to above and
(b) Non Residents (as specified
in Clause 30 of Section 2 of the Act) shall furnish his copy of the passport
in respect of any transactions referred to above.
5. The banks are therefore, advised
to comply with the provisions of the above Rules 114(B), 114(C) in respect of
Yours faithfully
(C.R. Murlidharan)
General Manager
''Form No. 60''
[see third proviso to rule 11 4B]
From of Declaration to be filed
by a person who does not have either a permanent account number or General Index
Register Number and who makes payment in cash in respect of transactions specified
in clauses (a) to (h) of rule 11 4B.
1. Full name and address of the
declarant
2. Particulars of transaction
3. Amount of transaction
4. Are you assessed to tax? Yes/No
5. If yes,
(i) Details of Ward/Circle/Range
where the last return of income was filed?
(ii) Reasons for not having permanent
account number/General Index Register Number?
6. Details of the document being
produced in support of address in column (1)
Verification
I, __________________________
do hereby declare that what is stated
above is true to the best of my knowledge and belief.
Verified today, the __________ day
of __________ 19 ____
Date _______________
Place ______________
______________________
(Signature of the declarant)
Instructions : Documents which can be produced in support
of the address are :
a) Ration Card
b) Passport
c) Driving licence
d) Identity Card issued by any institution
e) Copy of the electricity bill
or telephone bill showing residential address
f) Any document or communication
issued by any authority of Central Government, State Government or local bodies
showing residential address.
g) Any other documentary evidence in support of his address given in the declaration
''Form No. 61''
[see proviso to clause (a) of rule 114C]
Form of Declaration to be filed
by a person who has agricultural income and is not in receipt of any other income
chargeable to income tax in respect of transactions specified in clauses 9a)
to (h) of rule 114B.
1. Full name and address of the
declarant
2. Particulars of transaction
3. Details of documents being produced
in support of address in column
(1) Yes/No
I hereby declare that my source
of income is from agriculture and I am not required to pay income tax on any
other income if any.
Date _______________
Place ______________
______________________
(Signature of the declarant)
Verification
I, __________________________________________________________________
do hereby declare that what is stated above is true to the best of my knowledge
and belief.
Verified today, the __________ day
of __________ 19 ____
Place ______________
______________________
(Signature of the declarant)
Instructions : Documents which can be produced in support
of the address are :
a) Ration Card
b) Passport
c) Driving licence
d) Identity Card issued by any institution
e) Copy of the electricity bill
or telephone bill showing residential address
f) Any document or communication
issued by any authority of Central Government, State Government or local bodies
showing residential address.
g) Any other documentary evidence
in support of his address given in the declaration