Monday, April 10, 2017

Deadline for bank savings account holders to give PAN extended to June 30, 2017

The finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017. In the wake of demonetisation, the Central Board of Direct Taxes (CBDT) had issued a notification making it mandatory for bank savings account holders to provide PAN or Form No 60 by February 28, 2017 in case the documents had not been provided earlier. Time deposit holders (As specified at Serial No. 12 of Table in Rule 114B) and Basic Saving Bank Deposit Account (BSBDA) account holders were exempted from this purview of this notification. 

The notification issued by the Central Board of Direct Taxes, department of revenue, ministry of finance, on April 5 states the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

1. These rules may be called the Income -tax (Seventh Amendment) Rules, 2017. (2) It shall be deemed to have come into force from the 1st March, 2017. 

2. In the Income-tax Rules, 1962, in rule 114B, in the fourth proviso, for the figures, letters and words "28th day of February", the figures, letters and words "30th day of June" shall be substituted. [Notification No. 27/2017/F. No. 370142/32/2017-TPL]

Form No 60 is a declaration to be filed by an individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in rule 114B of the Income Tax Act. Rule 114B specifies a list of financial transactions for which quoting of PAN is mandatory. Form No 60 requires the declarant to give name, address, income and other details in case the person does not have PAN.

Source:-The Economic Times

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