CBDT directs Banks, Co-operative Banks and Post offices to report cash deposits during 1st April, 2016 to 9th November 2016.
The Central Board of Direct Taxes (CBDT), on Friday has directed all the bank account holders to furnish their Permanent Account Number (PAN) or Form No. 60 on or before 28th February 2016.
The notification states that, “a person who has an account (other than a time deposit referred to at S.No.12 of the Table and a Basic Saving Bank Deposit Account) maintained with a banking company or a cooperative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act) and has not quoted his permanent account number or furnished Form No. 60, as the case may be, at the time of opening of such account or subsequently, he shall furnish his permanent account number or Form No. 60, as the case may be, to the person specified in clause (c) of sub-rule (1) of rule 114C on or before the 28th day of February, 2017.”.
“Banks if received any document in which permanent account number is mentioned or as the case may be, a declaration in Form No.60 has been furnished, shall ensure that the valid permanent account number or the fact of furnishing of Form No.60, is duly mentioned in the records maintained for the transactions referred to in rule 114B and the permanent account number or the details of Form No.60 are linked and mentioned in any information furnished to the income-tax authority or any other authority or agency under any provision of the Act or any rule prescribed therein.”, the notification said.
The notification also directed Banks and post offices to furnish the details of deposits made in accounts during April 1, 2016- November 9, 2016.
These details have to be given if deposits in a savings account made between Nov 9 – Dec 30 exceeded Rs 2.5 lakh and current account of Rs 12.5 lakh.
The notification shall come into force on the date of their publication in the Official Gazette.
Read the full text of the notification below.
