PAN Now Made Mandatory In All These Bank Transactions Or Deposits/Withdrawals

PAN Card Online | New Delhi: The Permanent Account Number (PAN) has been made mandatory in a number of bank transactions by the Central Board of Direct Taxes (CBDT). The ambit of the card has been expanded to monitor the economic activities more closely. According to a report by Mint, the person who intends to make such transactions must apply for the PAN card at least seven days before doing the transactions.Also Read – EPFO: Know Benefits, Process Of Completing e-Nomination Process For PF Account Here

Even before the change, PAN Card was mandatory for depositing more than Rs 50,000 in a bank account in one day. Other such transactions were the purchase of mutual funds over Rs 50,000, settling hotel bills over Rs 50,000 and others. Also Read – Check Latest Home Loan Interest Rates In India Here | Complete List

Transactions That Will Require PAN Card

• Cash Deposit/ Withdrawal worth over Rs 20 lakh in one financial year. This is applicable to banks, co-operatives and post offices.
• This Rs 20 lakh will be an aggregate of all the deposits and withdrawals done in a year.
• Even when a person deposits or withdraws Rs 20 lakh in the form of deposits or withdrawals less than Rs 50,000, they will have to produce their PAN card.
• Opening of Current Account: If a person intends to open a current account with a bank or post office, they will have to produce their PAN card.

Project Insights

According to the report, the additional data will be reflected in the ‘Insights’ portal of the income tax department. Project Insights is a data warehousing and business intelligence platform that has been started to fight non-compliance. The department, according to the report, intends to encourage voluntary compliance. Also Read – EPFO Latest Update | Rules Around TDS On Interest Changed. Check Complete Details Here