Cash Deposit New Rule: If you also do big transactions, then know that from tomorrow a big rule of income tax is changing. Now for any major transaction, you will have to provide documents under the new rule. Let’s know the new rule.
Cash Deposit New Rule: If you also do big transactions related to this post office, then definitely read this news. From tomorrow, the Income Tax Department is changing a big rule. Now according to the new rules, if a person deposits cash of Rs 20 lakh or more in a bank or post office in any one financial year, then he will have to mandatorily submit PAN and Aadhaar.
Under the Income Tax (15th Aamendment) Rules, 2022, the Central Board of Direct Taxes (CBDT) has issued new rules, which are effective from tomorrow i.e. 26 May. Although this rule has been notified.
Know when PAN-Aadhaar will be necessary
- If someone deposits Rs 20 lakh in cash in one or more accounts in a financial year, then he will have to submit PAN-Aadhaar.
- Linking of PAN-Aadhaar will be necessary even for withdrawing Rs 20 lakh from any one or more accounts in a banking company or co-operative bank or post office in a financial year.
- PAN-Aadhaar will have to be given even if you open a current account or cash credit account with a banking company, co-operative bank or post office.
- If someone opens a current account, then PAN card will be mandatory for that too.
- If someone’s bank account is already linked with PAN, then he will still have to link PAN-Aadhaar for transactions.
Government’s eye on cash transactions
Actually, the Income Tax Department has taken this decision to reduce the counterfeiting of cash and for the purpose of monitoring. The government has taken this step so that the Income Tax Department remains updated with the financial transactions of the people.
Now with the addition of Aadhaar and PAN, more and more people will come under the purview of Income Tax. Actually, having a PAN number during the transaction, the Income Tax Department will keep a close watch on you.
