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income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2011 While depositing cash at any bank above then Rs 50K, we need to provide PAN Card or we have to fill form 60, but tell me why a person needs to sign FORM 60 if he is paying installments of >50K of Loan availed by him/her earlier? As if he is repaying Loan, not depositing in his A/c?
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Ravikant

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Ravikant (Expert)
20 January 2011 They treat the repayment of Loan Instmnt. as DEPOSIT IN LOAN ACCOUNT, hence demand PAN, you can always walk into bank twice breaking the total payment into < than 50K amount and avoid giving PAN
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Guest

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Guest (Expert)
20 January 2011 Yes, I am agree with Mr. Ravikant
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