The government is taking continuous steps to curb black money and to bring more and more people under the purview of Income Tax. Last month itself, the government had expanded the scope of income tax filing. This has made it mandatory for many people to file Income Tax Return (ITR) whose income does not come under the purview of income tax.
Now the government has implemented new rules for depositing and withdrawing money in banks. Under the new rules, it has now been made mandatory to give PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks. On May 10, the government has implemented these rules by issuing a notification. The purpose of these rules is also to track the financial transactions of such people who do not yet have a Permanent Account Number (PAN).
According to a report in Financial Express, the Central Board of Direct Taxes has made new rules under the Income Tax (15th Amendment) Rules, 2022. After the implementation of these new rules, now if a person deposits a total amount of 20 lakh rupees or more in one or more accounts in a banking company, co-operative bank or post office in a financial year, then he has to give PAN or Aadhar card. Will happen.
Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of a banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card. Not only this, now without PAN or Aadhar card, without PAN and Aadhar in any banking company, co-operative bank or post office, current or cash credit account will not be opened.
Shailesh Kumar, partner in Nangia & Co. LLP, says that the government is making constant efforts to increase its taxpayer base. Therefore, the government has now made new rules to bring such people under the tax net, who do big transactions, but they do not have a PAN card. Shailesh says that once people doing large transactions provide PAN, it will be easy to track their transactions.