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Banks make compulsory to submit PAN card number/ Form 60 for KYC

 

 

CBDT has asked banks to link Pan Card number or Form 60 with bank accounts till 28th February

The Central Board of Direct Taxes have asked the banks to make it mandatory to submit the PAN card number of Form 60 for the accountholders.

The income tax department has given time to banks to ask for PAN card details or form 60 for the accountholders till 28th February for income tax return.

Rule not applicable in Jan Dhan Accounts and Basic Saving Bank Deposit accounts

After demonetisation the people have deposited huge amount of cash in the banks, so IT department wants to link PAN card with the bank accounts for income tax returns.

The rule will not be applicable to Jan Dhan Accounts or Basic Savings Bank Deposit accounts.

The income tax department has asked all the banks, post offices and co-orporative banks to give details for the accounts fir the money deposited from 1st April 2016 to 8th November where the money has been deposited from 9th November to 31st December.


 

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