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Income-tax Rules, 2026 | Rule 161 of 333

Rule 161 - Transactions for purposes of section 262(9)(a)

Reviewed by CA Nikhil Gupta · Last reviewed 29 August 2026

Local extract available Legacy mapping: 114BB

161Rule number
1219Local text characters
0Linked Forms

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

Transactions for purposes of section 262(9)(a). 161. (1) For the purposes of section 262(9)(a), every person shall quote his Permanent Account Number when entering into the following transactions: cash deposits aggregating Rs 20,00,000 or more in a financial year in one or more banking or post-office accounts; cash withdrawals aggregating Rs 20,00,000 or more in a financial year from one or more such accounts; and opening a current account or cash credit account with a banking company, co-operative bank, or post office - in each case, the relevant banking entity or Post Office authority shall verify that the Permanent Account Number has been properly quoted and authenticated. (2) This rule does not apply where the transacting party is the Central Government, a State Government, or a consular office. (3) This rule also does not apply to a non-resident (not being a company) or a foreign company without income chargeable to tax in India, or to a transaction with an IFSC banking unit meeting the equivalent conditions. (4)-(6) The Director General of Income-tax (Systems) shall lay down the procedure, formats and standards for authentication of the Permanent Account Number for the purposes of this rule.

Local extract SHA-256: 3d8e29a5648daacd039d43fa099c6ad4acd3fc2ff8e4ff1358c54c627451458a. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

Rule map

Related sections

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Related Forms

No Form link identified in the current crosswalk.

Finin2min implementation framework

Trigger and scope

Determine whether the facts fall within the Rule heading and linked section. Verify commencement and the tax year involved.

Evidence and control

Preserve the return, statement, report, certificate, computation, source records and acknowledgement relevant to this Rule.

Consequence

Non-compliance may affect computation, exemption, deduction, procedural validity, reporting, recovery, appeal or penalty depending on the governing section.

Transaction application

Identify the actor, event date, governing tax year or reporting period, authority, document version and every cumulative condition. Record why each limb is satisfied, disputed or not applicable.

Authority, consent and execution

Confirm legal capacity, authorised signatory, digital-signature requirements, professional certification and portal credentials before filing or relying on the document.

Evidence and retention checklist

Retain source data, approvals, computations, correspondence, filing acknowledgement, payment record, amended filing history and the version of the governing instrument used.

Limitation, forum and remedies

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Cross-law overlays

Check the Income-tax Act, 2025, transition rules, relevant Schedule, tax treaty, Companies Act, GST, FEMA and accounting treatment where the transaction crosses regimes.

Finin2min Q&A

Is this page the notified Rule?

It contains a local statutory extract, but the linked official source and later amendments control.

What should be verified immediately before use?

Effective date, amendment history, forms or utilities, filing channel, authentication method, due date, fees, transition from the 1962 Rules and any judicial interpretation.

Finin2min | Income-tax Rules, 2026 | Educational and professional reference. The current official law, Gazette, portal and judicial treatment control.

Source and review trail

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Official starting point
www.incometaxindia.gov.in

Page source links