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PAN card mandatory for all bank accounts

Stepping up the chase for tax dodgers, the government has directed banks to obtain the permanent account number (PAN) or Form-60 if PAN is not available, from all bank account holders by February 28, 2017.

Income-tax rules have been amended to provide that banks shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts other than basic savings accounts by February 28, 2017, if not already done, a notification by the Central Board of Direct Taxes (CBDT) stated on Sunday.

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Gurpreet Singh

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