Quoting of PAN card number now mandatory for bank accounts
The government on Sunday announced amendments to the Income-tax rules that banks need to obtain and link PAN card numbers to all existing accounts.
“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,” the government said.
Earlier on December 15, the Reserve Bank of India (RBI) had issued a circular that mandated no withdrawal would be allowed from the accounts having substantial credit balance or deposits if PAN or Form No.60 was not provided.
“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 Ministry said.
The government has also mandated that banks and post offices were to submit information in respect of cash deposits before demonetisation from April 1 to November 8, where the cash deposits during the period November 9 to December 30 exceeds the specified limits.
The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax (GST) set-up, a report by PTI said.
“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 government added.