Telangana News

Going strictly against the tax evaders, the government has now made it mandatory for the banks to obtain the permanent account number (PAN) or Form-60, if PAN is not available, from all bank account holders by February 28, 2017.

Regarding this, the official notification from the Central Board of Direct Taxes (CBDT) stated, "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 February 28, 2017, if not already done."

This rule, however, will not be applicable to the Basic Savings Bank Deposit Accounts (BSBDA), which are zero balance savings accounts, including Jandhan accounts. 

Adding to it, the 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. It has also been provided under the new rules that person who is required to obtain PAN or Form No.60 shall the same in all the documents and quote the same in all the reports submitted to the Income-tax Department.