Banks told to collect PAN by February 28, excludes BSBDAs like Jan Dhan

ENA Sectors 2017-01-10 10:18:58 Kochi, Jan 9 (KNN) With the view to prevent tax evasion, banks have been told to obtain permanent account number (PAN) or Form-60 (if PAN is not available), from all bank account holders by February 28, 2017. As per the notification by Central Board of Direct Taxes (CBDT), Income tax rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by February 28, 2017, if not already done, as stated. However, this rule will not apply to Basic Savings Bank Deposit Accounts (BSBDA), which are zero balance savings accounts, including Jandhan accounts. Bank Employees Federation of India (BEFI) told KNN that the stipulated time is not enough to collect all the PAN or Forms, as there would be lot of people. I think this is only the first cut-off, they will extend the date. Government is taking various steps from its side but it is not possible finish the given task in stipulated time given by government, said C J Nandkumar, President, BEFI. BSBDA was introduced to take care of simple banking needs of people, which come with free ATM card, monthly statement and cheque book. Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts. It has also been provided under the new rules that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department. (KNN/RAS) 16172 http://knnindia.co.in/news/newsdetails/sectors/banks-told-to-collect-pan-by-february-28-excludes-bsbdas-like-jan-dhan 2017-01-10 10:18:58 knnindia.co.in Banks told to collect PAN by February 28, excludes BSBDAs like Jan Dhan