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

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.

Created On: Jan 9, 2017 13:03 ISTModified On: Jan 9, 2017 15:05 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.

 

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

2 + 6 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    • Current Affairs PDF May 2021
    • Current Affairs PDF April 2021
    • Current Affairs PDF March 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    • Current Affairs Quiz PDF May 2021
    • Current Affairs Quiz PDF April 2021
    • Current Affairs Quiz PDF March 2021
    View all