Cash deposit new rule: If you also do big transactions, then know that a big rule of income tax is changing from tomorrow. 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. The income tax department is changing big rules from tomorrow. 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.
The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022, which have come into effect from tomorrow. 26 May. However, this rule has been notified.
Know when PAN-Aadhaar will be necessary
If one deposits Rs 20 lakh in cash in one or more accounts in a financial year, he/she will have to submit PAN-Aadhaar. PAN-Aadhaar linking will also be required to withdraw Rs 20 lakh from any one or more accounts in a banking company or co-operative bank or post office in a financial year. Even if you open a current account or cash credit account with a banking company, co-operative bank, or post office, PAN-Aadhaar will be required.
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If someone opens a current account, then a PAN card will be mandatory for him also.
If someone’s bank account is already linked with PAN, then he will have to link PAN-Aadhaar for transactions.
Government eye on cash transactions
Actually, the Income Tax Department has taken this decision with the aim of reducing and monitoring the counterfeiting of cash. 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, the Income Tax Department will keep a close watch on you by having a PAN number during the transaction.