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Home»Current News»What You Need To Know About New Mandatory Income Tax Rules For Transactions Above Rs 20 Lakh

What You Need To Know About New Mandatory Income Tax Rules For Transactions Above Rs 20 Lakh

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By Akshay Sharma on May 16, 2022 Current News, Taxation News
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The Central Board of Direct Taxes (CBDT) issued a notification, amending the Income Tax Rules to make it mandatory to provide a Permanent Account Number (PAN) or Aadhaar for a specific set of transactions. As per the notification, a person must obtain and quote a PAN when making any Cash deposit that sums up to Rs 20 Lakh during a year, or such transactions are done in one or more bank accounts of a person

Below are the transitions which was specified in the Notification:

(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(c) opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.”;

[Notification No. 53/2022/F.No. 370142/49/2020-TPL]

The notification said, “The permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board.”

Click here to read full notification
Aadhaar Card CBDT Income Tax Rules Mandatory Notification PAN Card Tax Patrika
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