PAN a must for all bank account holders by February 28, 2017

PAN a must for all bank account holders by February 28, 2017

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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
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