All bank accounts holders have to update their account with their permanent account number or Form 60 by February 20, the Central Board of Direct Taxes has said.

PAN is needed for account opening in banks as part of the know your cutomer norms but some old accounts are yet to become compliant.

The CBDT has notified new reporting requirements for banks and post offices.

Banks and post offices will now have to furnish details of deposits made in accounts during April 1, 2016- November 9, 2016.

These details have to be given if deposits in a savings account made between November 9 - December 30 exceed Rs 2.5 lakh and current account Rs 12.5 lakh.

The CBDT Notification:

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,— “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.”