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Latest bombshell on bank deposits

Discussion in 'Money Matters' started by gopalan1937, Apr 3, 2010.

  1. gopalan1937

    gopalan1937 Silver IL'ite

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    Most of the banks have sent letters to their depositors to furnish them with PAN no and form 15G/15H to avoid higher tax deduction on their fixed deposits. They have also displayed such notices in their banks.
    Is it necesary that everyone should produce PAN or only those whose interest income is very high.
    Everyone seems to be rushing to apply for PAN.
    different banks seem to apply different yard stick. It is all because of some amendment in IT act, I am told.
    Can someone clarify?
    Gopalan
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    Gopalan,

    Pan card is a must when it comes to banks. these days pan card number is necessary for transactions greater than 50k.

    when you fill your application form, for a new account, a pan number is definitely requested.
     

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