Press Information Bureau
Government of India
Ministry of Finance
08-January-2017 18:17 IST
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.
The notification amending the relevant rules is available on the official website of the Income-tax Department i.e. www.incometaxindia.gov.in
Source: PIB
