PAN submission date extended to June 30

PAN submission date extended to June 30. Photo: Twitter.
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New Delhi, April, 8: The time for submitting PAN numbers for maintaining bank accounts has been extended until June 30.

According to a notification after demonitisation, it was announced that Permanent Account Number or the From No:60 had to be submitted to the banks, before February 28.

The notice had also said that PAN (Permanent Account Number) is not compulsory for basic savings bank accounts.

Rule 114B lists several transactions for which stating PAN is compulsory.

The tax department had in January asked banks, post offices and cooperative banks to document PAN or declaration of Form 60 received from account holders and keep all documents for transactions under Rule 114B of I-T Act.

It had said that persons who have not stated PAN, or did not provide Form 60 at the time of opening account, will have to provide the same by February 28. Form 60 is a notification form filed by an individual without PAN.

Taking after the demonetisation move compelling November 9, the assessment division had asked banks and post workplaces to answer to everything stores above Rs 2.5 lakh in investment accounts and more than Rs 12.50 lakh in current records made between November 10 and December 30, 2016.

Additionally, money stores surpassing Rs 50,000 in a solitary day must be accounted for.

With an expected, Rs 15 lakh crore in trashed cash notes returning into the saving money framework post demonetisation, the duty division has begun examining the bank store patterns.