After the stripping of 500 and 1000 notes, government has announced one new rule for all Indians. This announcement affected those people who have multiple accounts in their banks and deposit amount at large scale.
PAN Card is compulsory for those who would deposit more than 50,000 amount per day. In existing rule (till Nov. 8, 2016), anybody could be deposit upto 50,000 per day and 10 lakh per year without showing any PAN Card details.
But after an official announcement on this Tuesday (Nov. 15, 2016), Government has announced that you will have to submit the PAN card details if you would deposit more than 50,000 per day and your combined sum deposit exceeds 2.5 lakh.
So you don’t need to pay tax if your combined sum deposit is less than 2.5 lakh yearly. Government has also made some minor changes in the Annual Information Return (AIR) taxes as well. It means if you have more than 2.5 lakh in your saving account then the tax department would be informed automatically by your bank or post office. But if you are deposit upto 2.5 lakh in your current account then there is no need to pay tax. You can deposit upto 12.5 lakh in your current account as government increases its limit from 10 lakh. But it is only possible if you have PAN (Permanent account number) card details to submit.
This step is taken by the Tax professional to prevent the tax lickages and blackmoney hoarders.
“If you roll out such a massive demonetisation and don’t fix all the leaky faucets, the whole purpose will be defeated,”- added by Archit Gupta(founder and CEO of tax filling portal Cleartax.com) – Source Economic times India
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