CBDT has extended time to furnish permanent account number or Form No. 60 by bank account holders who have not furnished the same at the time of account opening or subsequently to on or 30th day of June, 2017.
Relevant Rule Extract
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 co-operative 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 i.e. a manager or officer of a banking company or co-operative bank, as the case may be on or before the
28th day of February, 2017 30th day of June, 2017.
Extract of Serial No. 12 of Table in Rule 114B
|Sl.No.||Nature of transaction||Value of transaction|
|12.||A time deposit with,— |
(i) a banking company or a co-operative 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);
(ii) a Post Office;
(iii) a Nidhi referred to in section 406 of the Companies Act, 2013 (18 of 2013); or
(iv) a non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934), to hold or accept deposit from public.
|Amount exceeding fifty thousand rupees or aggregating to more than five lakh rupees during a financial year.|
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 5th April, 2017
G.S.R. 331(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 (Seventh Amendment) Rules, 2017.
(2) It shall be deemed to have come into force from the 1st March, 2017.
2. In the Income-tax Rules, 1962, in rule 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.
[Notification No. 27/2017/F. No. 370142/32/2017-TPL]
Dr. T. S. MAPWAL, Under Secy.
Note : (1) The principal rules were published vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended by Income-tax (Sixth Amendment) Rules, 2017 vide notification number G.S.R. 325(E), dated the 3rd April, 2017.
(2) By giving retrospective effect to the present notification, no one will be adversely affected.