IT Department: Submission of PAN details or Form 60 mandatory by end of February, 2017

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The IT Department has issued instructions to all banking institutions in the country, to furnish bank statements of those accounts for the period between 1st April, 2016-9th November, 2016 which have witnessed cash deposits in excess of two and half lakhs in old currency deposited during 9th November, 2016 to 30th December, 2016 respectively.

The IT Department instructed all banking institutions including cooperative banks to ensure that the submission of all information pertaining to permanent account number or form 60 is made before the end of February, 2017 for linking the same with the bank accounts of the account holders.

The RBI has issued clear directions which make it mandatory to submit PAN or form 60 in order to allow cash withdrawal from bank accounts that have significant credit balance. Under the modified IT rules, an individual is required to quote his/her PAN number or form 60 in all documentation submitted to the IT department.

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