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
http://www.incometaxindia.gov.in/communications/notification/notification_2_2017.pdf
