Jagran Josh Logo

Union Government amends Income-tax Rules, 1962 to link PAN in all existing bank accounts

Jan 9, 2017 13:03 IST

The Union Finance Ministry on 8 January 2017 amended the Income-tax Rules, 1962 to allow banks to obtain and link PAN or Form No 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28 February 2017.

CA eBook

The amended rules are referred as Income-tax (33rd Amendment) Rules, 2016.

Earlier in December 2016, RBI mandated that no withdrawal will be allowed from the accounts having significant deposits, if PAN or Form No 60 is not provided in respect of such accounts.

Therefore, people, who have bank account but have not submitted PAN or Form No 60 yet, will now be required to submit the PAN or Form No 60 to the bank.

Moreover, the banks and post offices were mandated to submit details of cash deposits from 1 April 2016 to 8 November 2016 in accounts where the cash deposits during the period 9 November 2016 to 30 December 2016 exceeds the specified limits.

This means that the banks will be required to provide details of cash deposits of Rs 2.5 lakh or more in individual accounts. In case of current accounts, banks and post offices will have to furnish details of accounts where deposits are 12.5 lakh and above.

It has also been provided that people, who are required to obtain PAN or Form No 60, should record the PAN in all the documents and reports submitted to the Income-tax Department.

Background

The Union Government on 8 November 2016 banned the legal tender of Rs 500 and Rs 1000 currency notes in the country.

Following the note ban, around 60 lakh individuals and firms made large deposits totalling to around Rs 7 lakh crore in old notes.

 

Is this article important for exams ? Yes3 People Agreed
Read more Current Affairs on: Union Government , amends , Income-tax Rules , 1962 , link PAN in bank accounts , RBI

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

Newsletter Signup
Follow us on
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK