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Requirement of pan card in post office and banks

TDS / TCS 4031 views 1 replies

RAHUL

Unemployed

28 Points Posted on 17 April 2012

Hi Experts,

Yesterday visited Post Office to open up an MIS account worth 15 Lakhs, but application got rejected as I need to submit PAN card. Is it mandatory to submit PAN card to apply for Post Office schemes?

Even TDS got deducted from FD account at SBI, this happens only when we are closing the account; why don't the bank asks for PAN during opening the FD. This creates havoc for people who don't have PAN and they don't understand about its rules and formalities.

Need more information on PAN and TDS rules and regulations with Post Office and Banks.

Rahul K

Hyderabad

Replies (1)

DIBYENDU

SERVICE

266 Points Posted on 17 April 2012

IT IS NOT REQUIRED TO MENTION IN PAN NO. WHILE OPENING MIS ACCOUNT UNDER ANY POST OFFICE BUT AS PER SEC. 114B OF INCOME TAX ACT 1961 PAN NO. REQUIRED TO BE MENTIONED WHEN YOU WANT TO MAKE A TERM DEPOSIT EXCEEDING RS.50000.00 IN A BANK OR BANKING INSTITUTATION . HOWEVER PAN NO. IS NOT MANDETARY IN ANY CASE. YOU MAY FILL FORM NO. 60 AND CONTINUE TRANSACTION IF U NOT HAVE ANY PAN OR GIN . BUT U CHARGED @ 20% IF PAN NOT MENTIONED AT THE TIME OF CREADITING INTEREST