New Delhi: If you want to deposit or withdraw more than Rs 20 lakh in a financial year, then from today 26 May it has become mandatory to show PAN or Aadhaar. The same rule will be applicable for opening current accounts in banks as well.
The Central Board of Direct Taxes (CBDT) in a notification had said that it will be mandatory to furnish Permanent Account Number (PAN) or 12-digit Aadhaar for high value deposits or withdrawals from banks in a financial year and also from May 26, banks or This is necessary to open an account in the post office.
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Currently, PAN and Aadhaar are mandatory for income tax purposes. The use of PAN card in transactions has been made mandatory for a long time for everyone. However, in cases where the person does not have a PAN for high value transactions, such as purchase of foreign currency or large withdrawals from banks, the Finance Act, 2019 also provides for swapping of PAN with Aadhaar. has been made.
It has been provided that every person who is required to furnish or quote his PAN under the Income Tax Act and who has not been allotted a PAN but has an Aadhaar number, may furnish a biometric ID in lieu of PAN.
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first published:May 26, 2022, 11:25 am