Cash Deposit, Withdrawal April 1, 2016 to Nov. 8, 2016 ; Govt New Notification..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Sunday, January 08, 2017

Cash Deposit, Withdrawal April 1, 2016 to Nov. 8, 2016 ; Govt New Notification..!

 Ministry of Finance(CBDT) issued a Notification no 2 dated  06- 01- 2017. on Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016 and 
 Furnish PAN Number To Bank By Feb 28, 2017

Complete Text of Govt. notification is given as under.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th January, 2017 G.S.R. 14(E).—
In exercise of the powers conferred by section 139A and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income–tax (1st Amendment) Rules, 2017.
    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 114B, after the third proviso, the following proviso shall be inserted namely,—

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“Provided also that a person who has an account (other than a time deposit referred to at S.No.12 of the Table and a Basic Saving Bank Deposit Account) maintained with a banking company or a cooperative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) and has not quoted his permanent account number or furnished Form No. 60, as the case may be, at the time of opening of such account or subsequently, he shall furnish his permanent account number or Form No. 60, as the case may be, to the person specified in clause (c) of sub-rule (1) of rule 114C on or before the 28th day of February, 2017.”.

3. In the principal rules, in rule 114C, after sub-rule (2), the following sub-rule shall be inserted, namely:—

“3. The person referred to in sub-rule (1) or sub-rule (2) who has received any document in which permanent account number is mentioned or as the case may be, a declaration in Form No.60 has been furnished, shall ensure that the valid permanent account number or the fact of furnishing of Form No.60, is duly mentioned in the records maintained for the transactions referred to in rule 114B and the permanent account number or the details of Form No.60 are linked and mentioned in any information furnished to the income-tax authority or any other authority or agency under any provision of the Act or any rule prescribed therein.”.

4. In the principal rules, in rule 114D, in sub-rule (2), the following proviso shall be inserted, namely: “Provided that the statement in respect of the transactions listed in clause (ii) of column (3) of serial number (10) of the Table under rule 114B shall be furnished on or before the 15th day of January, 2017.”

5. In the principal rules, in rule 114E,—
(i) in sub-rule (2), in the Table, after serial number 12 and entries relating thereto, the following serial number and entries shall be inserted, namely:—


(ii) in sub-rule (5), in the proviso, after the words, brackets and figures “serial number (12)”, the words, brackets and figures “and serial number (13)” shall be inserted.
6. In the principal rules, in Appendix-II, in Form No.61A, in Part C, for ‘C.3’ and entries relating thereto, the following shall be substituted, namely:-

[Notification No. 2/2017/F. No. 370142/32/2016-TPL]

Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016 Furnish PAN Number To Bank By Feb 28, 2017


 Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016  Furnish PAN Number To Bank By Feb 28, 2017 Mr. Narendra Modi government  has taken various steps to...
Cash Deposit, Withdrawal April 1, 2016 to Nov. 8, 2016 ; Govt New Notification..! Reviewed by S. Chitra on January 08, 2017 Rating: 5  Ministry of Finance(CBDT) issued a Notification no 2 dated  06- 01- 2017. on  Cash Deposit & Withdrawal   April 4, 2016 TO November 8,...

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