Banks have been directed to submit info about cash deposits during the period 1st April, 2016, to 9th Nov, 2016
Those who have not yet submitted their PAN or Form No.60 will have to do so before February end, as the Income Tax Department has directed banks, including cooperative banks, to link permanent account number or Form No. 60, to bank accounts on or before 28 February, 2017.
In an amendment to the Income Tax Rules, the banks have also been directed to submit information regarding cash deposits during the period 1st April, 2016, to 9th November, 2016, in respect of accounts that have seen deposits of more than Rs.2.5 lakh in demonetised currency between the period 9th November and 30th December.
The Reserve Bank of India had earlier made clear 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.
The amended rules also make it mandatory for a person who is required to obtain PAN or Form No. 60 to record the PAN/Form. No. 60 in all the documents and quote the same in all the reports submitted to the Income-Tax department.
Read the notification here.
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