PAN, Aadhar compulsory for cash deposits, withdrawal above Rs 20 Lakhs

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PAN, Aadhar compulsory for cash deposits, withdrawal above Rs 20 Lakhs

The CBDT vide Notification No. 53/2022-Income Tax, Dated: 10th May, 2022 has notified a new set of rules to amend the existing Income-tax Rules, 1962 which shall come into force after the expiry of 15 days from the date of its publication
The notification makes the furnishing of a Permanent Account Number (PAN) or Aadhaar compulsory for a further set of transactions.
The following transactions are covered by the notification:
(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.
(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.
(c) opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.

1 Comment

  1. May 19, 2022
    SUCHANDAN PAUL

    I want to join

    Reply

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