Income Tax rules: PAN mandatory for withdrawing Rs 20 lakh, opening current account
From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the time of withdrawal. With a view to curb evasion of taxes through the use of cash, the Central Board of Indirect Taxes (CBDT) has…