New Delhi, January 8, 2017
In yet another post-demonetisation missive from the government, banks have been ordered to obtain account holders’ permanent account numbers (PAN) or Form No. 60 and then link the same to their accounts. It has also asked banks and post offices to submit informations of deposits from April 1 to November 8 in accounts in which deposits during November 9 to December 30 exceeded specified limits.
“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 February 28, 2017, if not already done,” a notification by the Central Board of Direct Taxes (CBDT) stated today.
[The Financial Express]