Tax rules : New tax rules have been implemented from today. The Central Board of Direct Taxes (CBDT) has implemented this by making the 15th amendment in the Income Tax Rule, the notification of which was issued on 10 May 2022.
According to the new rule, if someone does a transaction of 20 lakhs or more in cash in a financial year, then he will have to give information of Aadhar card or PAN card. If someone does not do this, then he can get a notice from the tax department.
Let us tell you that CBDT wants to bring more and more people under the tax net through this
At the same time, it also wants to crack down on tax evaders. This new rule will be applicable for cash transactions at all places including commercial banks, co-operative banks, post offices with current accounts, savings accounts or all other types of accounts.
Why new rule had to be brought
The Central Board of Direct Taxes (CBDT) has brought a new rule for those people who do huge cash transactions from the bank but they neither have a PAN card nor do they file income tax returns. The tax department has information about many people who withdraw and deposit more than 20 lakhs in their bank accounts within a year, but do not file income tax returns. After this rule, now they will have to give their PAN and Aadhar card information to the banks, which will help in tax evasion.
Notice will come if information is not given!
This rule has come into effect from today, after that now if you go to withdraw money in cash, then the bank will ask you for PAN and Aadhar card details, if you do not give it, then it may stop you from withdrawing and depositing money. On the other hand, if you do not give the documents, then you can also get a notice from the tax department.