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Regarding PAN

dev (article) (26 Points)

15 April 2011

can anyone tell, if a person alerady alloted a PAN no. and now he wants to open a new bank account(without pan no.), whether he should submit form 60 and declare as he had not alloted a pan no. , he does not want to give the pan no. for new account ? , does banks share data with IT department ?

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12 Replies

ashay (CA Final Student) (782 Points)
Replied 15 April 2011

NO BANKS DONT GIVE ANY INFO TO IT DEPARTMENT. THEIR IS NO CONNECTION BETWEEN THEM. BUT NOWARDS THEIR ARE SOME BANK REQUREMENT TO GET THE PAN NO OF THEIR CLIENTS

1 Like

yashsaxena (Managing Director) (71 Points)
Replied 15 April 2011

I don't understand why do you want to hide your PAN from Bank.

Is there any special reson?

1 Like

CA Dheeraj Bansal (Chartered Accountant) (652 Points)
Replied 15 April 2011

bank has to face extra formalities if PAN no. is given to bank . So bank usually fill form 60. Bank ask PAN card no.. if the interest in a year exceed rs.10000.

1 Like

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)
Replied 15 April 2011

As per my knowledge, iT is now manadatory to give PAN for the opening of new bank accounts in any bank.

1 Like

Armman (student) (194 Points)
Replied 15 April 2011

under the KYC norms of RBI it is madatory ,by the way why u should have problem for disclose of PAN

1 Like

Kamal Kothari (CWA) (169 Points)
Replied 16 April 2011

It is not compulsory to have PAN/GIR number for opening a Bank Account. Person who have been allotted PAN number by Income Tax Department are required to quote the number in the Account opening Form and Banks have to verify the particulars furnished. Others need to give a Declaration in Form 60(non-agricultural) or Form 61(Agricultural). These Forms are available with banks. In case of minor who does not have any income chargeable to Income Tax, he shall quote the Permanent Account Number (PAN) or General Index Register Number (GIRN) of his father or mother or Guardian as the case may be at the time of opening an account with Bank.

1 Like

ajay kumar (article) (53 Points)
Replied 16 April 2011

As per my knowledge, It is require to have a PAN for opening of Bank account in any Bank...

1 Like

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 16 April 2011

Originally posted by : dev
	can anyone tell, if a person alerady alloted a PAN no. and now he wants to open a new bank account(without pan no.), whether he should submit form 60 and declare as he had not alloted a pan no. , he does not want to give the pan no. for new account ? , does banks share data with IT department ?

ask him to furnish pan to new account,

no bank share data to incometax unless

1)the accounts are subject to TDS/ or reported to incometax for large cash transactions

2) the department has asked specifically to verify any transaction

1 Like

Rakesh (CA) (308 Points)
Replied 16 April 2011

It is optional for you, you will give any two formallities which disclose in bank opening forms.

1 Like

B.S.Arora (N/A) (45 Points)
Replied 17 April 2011

It is obligatory to give PAN No. and a photostat of the PAN card to the Bank while opening the Acct. The reason is simple. When the Bank deducts TDS,details of the TDS & PAN Card No. have to be shown in the TDS return. If PAN Card No. is not given in the return the Tax Deducted cannot be credited to the Tax Acct of the deductee by the I.Tax Department. Also, the I.Tax Deptt may penalise the Bank for not furnishing the PAN No.. Hence the deductee will loose the credit of the TDS. Therefore, it in the interest of both Acct Holder ( Deductee ) as well as the Bank to have a record of the details of PAN No. Consequently, it is obligatory to provide the PAN No. to the Bank.

B.S.Arora

1 Like

Abhishek Agrawal (Article Assistant) (36 Points)
Replied 22 April 2011

As per my knowldge one can do the transaction with bank exceeding Rs. 50000/- only if he had alloted his PAN No. to the bank. So if one open account in bank without giving his PAN No. he cant able to transact exceed Rs. 50000/-.