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of <h1>New Tax Rules: PAN or Aadhaar Required for Big Cash Transactions and Account Openings, Effective Soon.</h1> The Income-tax (Fifteenth Amendment) Rules, 2022, issued by the Central Board of Direct Taxes, amend the Income-tax Rules, 1962. These amendments specify that individuals intending to enter certain financial transactions must provide their permanent account number or Aadhaar number. Transactions include cash deposits or withdrawals totaling twenty lakh rupees or more in a financial year, and the opening of current or cash credit accounts with banks or post offices. The rules also outline the responsibilities of financial institutions and the required authentication procedures for these transactions. The amendments take effect fifteen days after publication in the Official Gazette.
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