Deadline extended to 30th June for providing PAN for savings account holders
In Jan 2017, CBDT has amended the Income Tax rules and asked all banks to link PAN or Form 60 to all existing bank accounts by 28-Feb-2017.
However, now the deadline is extended to 30th June 2017.
If you have not yet provided PAN or Form No. 60 for your bank account, do so at the earliest to avoid unnecessary hassles later.
Background for this rule
Post-demonetization, several changes were made to track black money and the know-your-customer (KYC) norms were made stringent. In a circular dated 15 December 2016, the RBI put restrictions on some of the banking transactions where PAN or Form No. 60 was not available. In the circular, the RBI stated that, “No debit transaction, transfer or otherwise shall be allowed in accounts which do not comply with the KYC norms.”
To begin with, these ru...