PAN or Aadhaar Mandatory for High-Value Transactions Under Income Tax Act Sections 139A(6A), 139A(6B), Rule 114BB

Under Sections 139A(6A) and (6B) of the Income Tax Act, individuals entering specified financial transactions must quote and authenticate their Permanent Account Number (PAN) or Aadhaar number. Rule 114BB mandates this for transactions like cash deposits or withdrawals of 20 lakh or more in a financial year, or opening current or cash credit accounts with banks or post offices. Exceptions include transactions by government entities, non-residents, or foreign companies without taxable income in India. PAN or Aadhaar details, along with demographic or biometric information, must be submitted for authentication to the designated tax authorities.

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