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Chapter No. 11 - PERMANENT ACCOUNT NUMBER [SECTION 139A and RULE 114]
Answer : Yes, PANCARD is mandatory for opening of account in Bank [139A(5)c) and Rule 114B] .No limit is mentioned elsewhere.
Permanent Account Number requirement: PAN is mandatory for opening bank accounts under income tax rules with no monetary threshold. Permanent Account Number (PAN) is mandatory for opening a bank account under the income tax statutory framework and implementing rules; the requirement applies generally and the source does not specify any monetary threshold limiting the obligation, reflecting PAN's function as an identification and compliance mechanism in return of income and assessment procedure contexts. of Press 'Enter' after typing page number.
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