Now, If you are planning to opening any Bank Account or Post Office Account, you should have a Valid PAN as mandatory document to be attached or should mandatory giving details in Form 60. As per the Income Tax Department, This will be applicable for any account irrespective of whether that falls into no-frills category or a Jan Dhan account.
Meanwhile, banks will submit details of deposits in accounts between April 1 and December 31, 2016. The details of the financial statement including PAN number or Form 60 of the account holders will have to be submitted by January, 31, 2017.
As per the recent amendments in the Income tax rules, it has become mandatory for any new account PAN number will have to be furnished. "In case the person does not have a PAN number then he will have to fill up Form 60 and submit that with the bank. For those who have not submitted either of PAN number or Form 60, will have to submit the same by February 28 this year," said by official of Income Tax (intelligence and criminal investigation). "The recent amendments clearly said that there will be no exception, irrespective of the nature of the account," he said.
Central Board of Direct Taxes (CBDT) has also asked banks and post offices to collect PAN number of all depositors whether new or existing. The income tax department will then link PAN numbers with the data for cash deposits in bank accounts. "It has been seen that there are accounts where neither PAN number nor any Form 60 detail is provided. There is a chance that these accounts might be misused. Once we get the details of the accounts, we will collate all data related to banking transactions," said officials of Income Tax (Intelligence & criminal investigation).
From the all above recent updates and all other changes which are being made day by day, shows that Our Govt has now decided to get all the residents in a main stream which will ultimately help our economy to grow in positive direction.
CS Ranjeet Gola
Team OnlineCompany Source: TOI