Income-tax
Rules amended to provide that bank shall obtain and link PAN or Form
No. 60 (where PAN is not available) in all existing bank accounts (other
than BSBDA) by 28.02.2017.
Income-tax
Rules have been amended to provide that bank shall obtain and link PAN
or Form No. 60 (where PAN is not available) in all existing bank
accounts (other than BSBDA) by 28.02.2017, if not already done. In this
connection, it may be mentioned that RBI vide circular dated 15.12.2016
has 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. Therefore, persons who are having
bank account but have not submitted PAN or Form No.60 are advised to
submit the PAN or Form No. 60 to the bank by 28.2.2017.
The banks and post offices have also been mandated to
submit information in respect of cash deposits from 1.4.2016 to
8.11.2016 in accounts where the cash deposits during the period
9.11.2016 to 30.12.2016 exceeds the specified limits.
It has also been provided that person who is required
to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the
documents and quote the same in all the reports submitted to the
Income-tax Department.
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