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        Case ID :
        Income Tax

        Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

        15 December, 2015

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        Chapter No. 11 - PERMANENT ACCOUNT NUMBER [SECTION 139A and RULE 114]

        1. Is PANCARD is required  for time deposit exceed a time of ₹ 5 lakhs? 

        Answer : Yes, PANCARD is required  for  Time deposit exceeding ₹ 50,000 with a bank/banking company /banking institution [139A(5)c) and Rule 114B].

        PAN requirement for time deposits: PAN must be furnished when a time deposit exceeds the prescribed regulatory threshold. A PAN must be furnished when a depositor makes a time deposit with a bank, banking company, or banking institution that exceeds the prescribed monetary threshold; this imposes an identification and reporting obligation under the income tax PAN provisions and rules.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              PAN requirement for time deposits: PAN must be furnished when a time deposit exceeds the prescribed regulatory threshold.

                              A PAN must be furnished when a depositor makes a time deposit with a bank, banking company, or banking institution that exceeds the prescribed monetary threshold; this imposes an identification and reporting obligation under the income tax PAN provisions and rules.


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