Is PAN of the transacting Parties to be quoted in AIR?
A17 As per Section 139A(6) of the Income Tax Act, 1961 read with Rule 114C of Income Tax Rules, the specified authorities registering or recording such transactions shall verify that PAN has been quoted correctly by the transacting person, in respect of whom the prescribed transactions (as specified in Section 139A(5)(c) of the Income Tax Act, 1961 read with Rule 114B of Income Tax Rules) have been registered or recorded by such authorities. Exception has been made only in case of persons who do not have PAN, or who have only agricultural income, and who file declarations in Form 60/61, and in cases of Government departments/consular offices in which case the specified authority will indicate so in the prescribed manner in the AIR.
