Press Information Bureau

Government of India

Ministry of Finance

08-January-2017 18:17 IST

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 28.02.2017, if not already done. In this connection, it may be mentioned that RBI vide circular dated 15.12.2016 has mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts. Therefore, persons who are having bank account but have not submitted PAN or Form No.60 are advised to submit the PAN or Form No. 60 to the bank by 28.2.2017

The banks and post offices have also been mandated to submit information in respect of cash deposits from 1.4.2016 to 8.11.2016 in accounts where the cash deposits during the period 9.11.2016 to 30.12.2016 exceeds the specified limits

It has also been provided that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department

The notification amending the relevant rules is available on the official website of the Income-tax Department i.e. www.incometaxindia.gov.in

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DSM/MS

PAN linking requirement: banks must obtain or link PAN/Form 60 to existing accounts to enable compliance and withdrawal restrictions. Income-tax Rules now require banks to obtain and link PAN or Form No. 60 in all existing bank accounts (except BSBDA) by 28.02.2017, with an RBI mandate restricting withdrawals from accounts holding substantial balances if PAN/Form No. 60 is not provided. Banks and post offices must report specified cash-deposit information for defined periods, and persons required to obtain PAN/Form No. 60 must record and quote it in all documents and reports submitted to the Income-tax Department.