The tax department has given banks three more months till June 30 to obtain permanent account number (PAN) or Form-60 from all account holders as it looks to tighten the noose around evaders. Though the deadline for getting the PAN or Form 60 (if PAN is not available) by banks ended on February 28, the tax department on April 5 notified the extension of the time till June 30.
In the notification, the Income Tax Department said that in Income-Tax Rules 114B, in the fourth proviso, “for the figures, letters and words ‘28th day of February’ the figures, letters and words ‘30th day of June’ shall be substituted.” Rule 114B lists various transactions for which quoting PAN is mandatory.
The tax department had in January asked banks, post offices and cooperative banks to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act. It had said that persons who have not quoted PAN, or did not furnish Form 60 at the time of opening account, will have to provide the same by February 28.