CBDT mandates PAN for cash deposit/withdrawal of Rs. 20 lakh or more and opening of current amp; CC a/c

CBDT has notified transactions wherein it is mandatory for a person to obtain PAN. The board has notified new Rules 114BA amp; 114BB and amended Rule 114. A person, depositing/withdrawing cash aggregating to Rs. 20 lakh or more in a FY, with one or more bank/post office, shall be required to apply for allotment of PAN atleast 7 days before entering into such transactions. PAN is also mandatory for opening a current account or cash credit a/cCBDT has notified transactions wherein it is mandatory for a person to obtain PAN. The board has notified new Rules 114BA amp; 114BB and amended Rule 114. A person, depositing/withdrawing cash aggregating to Rs. 20 lakh or more in a FY, with one or more bank/post office, shall be required to apply for allotment of PAN atleast 7 days before entering into such transactions. PAN is also mandatory for opening a current account or cash credit a/ctaxmann.com Latest Statutory HappeningsRead More

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