Cash Deposit New Rule: If you also do big transactions, then first definitely read this news. The government has now changed the rules for transactions in post offices and banks. Let’s know the new rule.
Cash Deposit New Rule: If you too do big transactions related to this post office, then there is important news for you. Actually, the government has changed the rules for transactions in banks and post offices. 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 it will be mandatory to give PAN and Aadhaar.
Under the Income Tax (15th Amendment) Rules, 2022, the Central Board of Direct Taxes (CBDT) has issued new rules. Let us tell you that the new rules will be applicable from 26 May. Although this rule has been notified.
PAN-Aadhaar will be necessary in these transactions
Under the new rule, if someone deposits Rs 20 lakh in cash in one or more accounts in a financial year in a banking company or corporative bank or post office, 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
The government wants to bring more and more people under the tax net through this step. They do huge cash transactions, but they neither have a PAN card nor do they file income tax returns. While doing such transactions, the Income Tax Department will be able to easily trace such transactions on the PAN number.
