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Pan Card must for all Bank account holders


Cinosural International An Elementry School Jammu

 

New Delhi, Jan 10: The Government has notified that all individuals having  BANK ACCOUNTS will have to update their PAN or Form-60 if PAN not available by February 28, 2017.

Post demonetisation, this move sure comes as a way to tighten the noose around tax evaders.

Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No.60  in all existing bank accounts by February 28, 2017. However, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandan accounts.

Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts.

Banks and post offices had also been mandated to submit information in respect of cash deposits from April 1, 2016 to November 8, 2016 in accounts where the cash deposits during the period November 9, 2016 to December 30, 2016 exceeds the specified limits. (Inputs from Agencies)

 

 


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