In a significant financial change from today, it will presently be required for clients to give their PAN or Aadhaar card number for cash withdrawals/deposits adding up to Rs 20 lakh or more in a solitary monetary year. The new rule will likewise be pertinent for business banks, however even co-employable banks or post offices.
The changed rule was declared by the Central Board of Direct Taxes (CBDT) in a notice dated May 10. Moreover, an individual is expected to apply for PAN no less than seven days prior to making any of the previously mentioned exchanges, the notification read. The really evenhanded behind this new rule is to placed a mind unaccounted monetary exchanges through the money course.
PAN card required for a few exchanges
- It is obligatory to cite PAN to file an income tax form or to start any correspondence with the income tax specialists.
- PAN card is expected to open a bank or demat account or avail a credit or debit card.
- While putting above Rs 50,000 in common assets, debentures or bonds, outfitting PAN subtleties is required.
- Payment of a sum conglomerating to more than Rs 50,000 in a monetary year as life coverage premium to a safety net provider likewise needs a PAN.
- PAN expected for deposits of money surpassing Rs 50,000 during any one day or a fixed deposit of sum surpassing Rs 50,000 or conglomerating to more than Rs 5 lakh during a monetary year with a financial organization or a co-usable bank, a mailing station or a non-banking monetary organization.
- One likewise needs to specify the PAN at the hour of selling or buying a motor vehicle or vehicle other than bikes.
- PAN is required for travel to any foreign country or payment for purchase of any foreign currency at any one time.
