1. Demonetisation: PAN made mandatory for some bank transactions

Demonetisation: PAN made mandatory for some bank transactions

The Income Tax department on Thursday made the Permanent Account Number (PAN) mandatory for a string of bank transactions, including cash deposits of Rs 2.5 lakh or more, till December 30.

By: | New Delhi | Updated: November 17, 2016 10:34 PM
PAN card, PAN card firms, companies PAN card, firms PAN card, PAN card ID companies, ease of doing business In a notification, the department has made it mandatory that PAN be mentioned for the following bank transactions under Rule 114B of the Income Tax Rules, 1962. (PTI)

The Income Tax department on Thursday made the Permanent Account Number (PAN) mandatory for a string of bank transactions, including cash deposits of Rs 2.5 lakh or more, till December 30.

In a notification, the department has made it mandatory that PAN be mentioned for the following bank transactions under Rule 114B of the Income Tax Rules, 1962:

– Cash deposit in any bank above Rs 50,000 during any one day.

– Cash deposits of Rs 250,000 or more up to December 30, 2016, as notified by the Central Board of Direct Taxes on November 15.

– Time deposit in any scheduled or cooperative bank or a post office.

– Purchase of demand drafts or pay orders or banker’s cheques in cash for above Rs 50,000 on any single day.

– Opening an account other than a time-deposit or a Jan Dhan/basic bank deposit account.

“The department has issued 25 crore PANs till date. Persons requiring a PAN to comply with the rule should apply to the NSDL (National Securities Depository Ltd) in a prescribed format with documentary proof,” said the notification.

Instructions to apply for a PAN are available on the department’s website – www.incometaxindia.gov.in with a link to NSDL website.

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