New PAN and Aadhar rules from 26th May 2022

To withdraw money Aadhar, PAN card is mandatory

 

The Central Board of Direct Taxes (CBDT) has announced that banks, co-operative banks and post offices will be required to provide PAN and Aadhaar number in case of Deposit or withdrawal of cash in excess of Rs. 20 lakhs in a financial year.

The new rules will come into effect from the 26th of this month (May’2022). Currently, a PAN number is mandatory for 'depositing' of Rs. 50,000/- or more in a day. But there is no need to withdraw money. Also, there was no year limit for this.

Under these new rules, it will no longer be mandatory to specify a PAN or Aadhar number even if one person withdraws or deposits more than Rs 20 lakh from one or more accounts in a financial year. Thus, in a financial year, how much money does a person make in total? The tax department can easily find out if it has been taxed.

New PAN Card rules:

* Aadhar or PAN Card is mandatory for a person to depositing in cash Rs. 20 lakhs or more in one or more accounts in a financial year at a bank, post office, co-operative bank etc.

* Similarly, Aadhar or PAN is mandatory for withdrawals of Rs. 20 lakhs or more from one or more accounts in a financial year.

* Aadhar or PAN is mandatory when opening a current account or cash loan account at a bank, post office, or cooperative bank.