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.