when we dont have pan card . our bank collects form 60 from us. i want to know whether bank collecting form 60 from customer submit the same to income tax department.
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Income tax form 60
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Banks are required to submit the details of certain transactions if they cross a particular threshold through the Annual Information Report. For instance if the account holder deposits cash of more than 50,000, or makees an FD exceeding Rs 50000 etc.... he has to submit his PAN to the Bank. Bank in turn furnishes the details of the transactions alongwith the PAN to the dept. The dept in turn may make a scrutiny of the account holder on teh basis of the information submitted to it by the bank alongwith teh PAN of the account holder.
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