After making the note ban decision, the government has brought about certain changes in the requirements of Permanent Account Number (PAN).
New Delhi: After making the note ban decision, the government has brought about certain changes in the requirements of Permanent Account Number (PAN).
The government has made amendment in the provision 14 (b) of the income tax rules. Now the government is keeping an eye on despoists made between Rs 50,000 to Rs 2.5 lakh.
Central Board of Direct taxes (CBDT) has effected changes in rules associated with PAN card.
Those making series of deposits of amount less than Rs 50,000 so as to escape the requirement of producing PAN card each time will also be covered under new changes.
Those whose bank accounts are not linked with PAN will have to produce the card while depositing amount more than Rs 50,000. Such depositors can come under income tax department's scanner.
The bank is required to inform income tax department about repeated deposits of Rs 2.5 lakh being made in a single bank account inside November 9 to December 30.
In case you purchase bank draft of more than Rs 50,000 in a single day from your banking company or co-operative bank, PAN card is necessary.