Cash Deposits Rules: The government has made the rule of doing cash transactions without PAN number and Aadhaar more strict. The government has made new rules regarding financial transactions without PAN and Aadhaar, which will have the biggest impact on those doing financial transactions without PAN and Aadhaar. According to the new rules, PAN and Aadhaar will be required to deposit or withdraw cash of Rs 20 lakh or more in any bank or post office in a financial year.

PAN AADHAAR Required for Cash Transactions
In fact, the Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (Fifteenth Amendment) Rules, 2022, whose notification has been issued on 10 May 2022. According to the new rule, it will be necessary to provide PAN Aadhaar for such transactions. In which it will be necessary to provide PAN Aadhaar for cash deposits of Rs 20 lakh or more in the account of one or more people in a banking company, cooperative bank or post office in a financial year. Apart from this, PAN and Aadhaar will be required to withdraw cash of Rs 20 lakh or more from one or more bank accounts or cooperative banks or post offices in a financial year. And if a person opens a current account or cash credit account with any bank or cooperative bank or post office, then it will be necessary to give PAN and Aadhaar November.

Help in tracking cash transactions
In fact, through this step, the government wants to bring more and more people under the tax net, who do huge cash transactions, but they neither have a PAN card nor do they file income tax returns. During such transactions, the Income Tax Department will be able to easily trace such transactions on the PAN number.

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