If you do transactions up to 20 lakh without Aadhaar card and PAN card, then be careful because the Income Tax Department is keeping an eye on you.
Without PAN Aadhaar (PAN-AADHAR), it will be very difficult to do financial transaction. The government has made the rule of cash transaction without PAN and Aadhaar very strict. The new rule made by the Income Tax Department will affect those who do financial transactions without PAN and Aadhaar. According to the new rules, it will be necessary to give PAN and Aadhaar for cash deposit or withdrawal of Rs 20 lakh or more in a bank or post office in a financial year.
New rules of the tax department on cash deposit, withdrawal
Actually, the Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (Fifteenth Amendment) Rules, 2022, whose notification has been issued on May 10, 2022. According to the new rule, it will be necessary to give PAN Aadhaar when such transactions are done. in which
1. It will be necessary to provide PAN Aadhaar for making cash deposits of Rs 20 lakh or more in the account of one or more people in a banking company, cooperative bank or post office in a financial year.
2. Apart from this, it will be necessary to provide PAN and Aadhaar for cash withdrawal of Rs 20 lakh or more from one or more bank accounts or cooperative banks or post offices in a financial year.
3. And if a person opens a current account or cash credit account with any bank or cooperative bank or post office, then he will have to give PAN and Aadhaar number.
It will help in preventing tax evasion.
In fact, through this step, the government wants to bring more and more people under the tax net, who do huge cash transactions but do not have a PAN card, nor do they file income tax returns. . The information is available with the tax department that there are many people who deposit and withdraw more than 20 lakhs in a bank account within a year but do not file income tax returns.
Now, if PAN is made mandatory for transactions of 20 lakhs or more, whenever someone is found doing transactions of more than this amount, the Income Tax will be able to easily trace such transactions and this will also help in preventing tax evasion.
