News & Media 12th May 2022

CBDT broadens scope of PAN requirements to transactions

Authors

Mitesh Jain Partner | Mumbai

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The Central Board of Direct Taxes (CBDT) has extended the requirement of Permanent Account Number (PAN), for more transactions as part of its efforts to closely monitor economic activities. As per this, cash deposit or withdrawal exceeding ?2 million in one or more bank account or post office in a financial year would need to quote PAN or Aadhaar.

Against this backdrop, Mitesh Jain, Partner at Economic Laws Practice (ELP) has been quoted by LiveMint in their article titled ‘CBDT broadens scope of PAN requirements to transactions’. He says, “Obtaining and quoting of PAN by a person depositing or withdrawing cash exceeding ?two million in a financial year and opening a current or cash credit account would provide additional data points to the tax authorities and such transactions may be reflected in the ‘Insights’ portal. He further says that the Income–tax (Fifteenth Amendment) Rules notified has widened the reporting and compliance framework for taxpayers and increased the information monitoring by the tax authorities.

Read the comment and detailed article here: Click here