If you have done a high value transaction with a bank without quoting your permanent account number (PAN) or submitting Form 60 even if you have PAN, then get ready to face action from the Income-Tax Department.
High value transactions usually mean deposits or withdrawals of Rs 50,000 or more at one go.
Form 60 needs to be filed by an individual who does not have PAN but pays Rs 50,000 or more for a fixed deposit or any deposit and for a bank draft. Even if such an individual applies for credit or debit card, he will need to fill Form 60.
According to tax officials, the Department will verify the media reports of violations by some banks of guidelines relating to ‘Know Your Customer (KYC).’
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