Transaction entered in to interest of revenue [ Section 139A(1)(vii) read with Rule 114BA ] - Income Tax - Ready Reckoner - Income Tax

Transactions entered in to interest of revenue Who intends to enter into such transaction as may be prescribed by the Board in the interest of revenue [ Section 139A(1)(vii) ] Transactions for the purposes of clause (vii) of section 139A(1), as per Rule 114BA of Income Tax Rule 1. Every person shall, at the time of entering into a transaction Cash deposit or deposits aggregating to ₹ 20 lakh or more in a financial year , in one or more account of a person with; or Cash withdrawal or withdrawals aggregating to ₹ 20 lakh or more in a financial year , in one or more account of a person with; or 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 applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office shall quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and Such Person who receives such document shall ensure that the said number has been duly quoted and authenticated (i) A banking company or a co-operative bank to which the Banking Regulation Act, 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. [ Rule 114BA(1) ] 2. Exception the provision of this rule not applicable Rule 114BA (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. IFSC banking unit shall have the same meaning as assigned to it in clause (1) of the Explanation to rule 114B . [ Explanation of Rule 114BA(1) ]