Can anyone give clarifications on the following CASE:
I am a Bank branch manager. A farmer approached me in April month and informed that this year he has good harvest and wanted to deposit two lakh rupees for his daughter marriage which will be done in three or four years. Except 4 acres dry Agricultural land and a small tiled house he has no other property. I asked him whether he is having PAN? He said no. He is an illiterate and don't have any age proof certificates. So I took Form 61 and accepted the deposit for two years. I asked him to produce PAN before quarter end, but he has not applied for PAN till date. When I asked the farmer about PAN he informed me that, as the AADHAAR that he has having no date of birth on that, he approached the revenue officials for date of birth certificate, they demanded thousands of rupees for issuing a certificate. So for want of thousands of rupees of money for a certificate he is thinking of cancelling the deposit at the Bank. Is there any alternative to the poor farmers in this country to get exemption for paying tax on interest exceeding Rs.10,000/- on Bank term deposits without PAN/15G/15H?
CAclubindia
