Hello friends,
Please help to solve the following query on PAN requirement for FD renewal:
suppose X a person without PAN is having a joint FD of Rs 55000 with Y who has his PAN number but has not submitted the same to bank on opening of FD account. On FDR, X is written as first person and Y is the second person. Now bank is asking for PAN number of X for further renewal of FD. and Since X does not have his PAN he decides to give two copies of Form 60 to bank, ( One of Which will be sent to I.T. Deptt. as per bank).
Now in view of above my question is that if X being the first person in a joint FD gives his form 60 to bank, will Y be required to give his PAN number to bank?
and Second question is that will I.T.Deptt take any action against Y, on X's filling form 60 for an FD in which Y is Jointly involved ( although Y is the second person named in FD)
please help me
thanking in anticipation.
CAclubindia
