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Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

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Chapter No. 11 - PERMANENT ACCOUNT NUMBER [SECTION 139A and RULE 114]

  1. Is PANCARD is required  for time deposit exceed a time of ₹ 5 lakhs? 

Answer : Yes, PANCARD is required  for  Time deposit exceeding ₹ 50,000 with a bank/banking company /banking institution [139A(5)c) and Rule 114B].

 

Dated: 15-12-2015



 

 

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