Compliance with provisions of 114B of the Income Tax Rules, 1962 for Note exchange

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Compliance with provisions of 114B of the Income Tax Rules, 1962:

  1. Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN
  2. In addition to the above provision, in the same IT Rules, PAN reporting requirements are there for other transactions, which banks need to insist upon.

2. The banks are, therefore, advised to take note of the above and ensure strict compliance with the provisions of 114B of the Income Tax Rules, 1962. Relevant provision 114B of the Income Tax Rules, 1962, is enclosed.

 

 
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