Stepping up its fight against tax evasion, the Centre has made it mandatory to quote the Aadhaar number for opening bank accounts and for transactions exceeding

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs.10, 000
B	Rs.80, 000
C	Rs.50, 000
D	Rs.1, 00, 000

Explanation:

Detailed explanation-1: -Yes, Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar /Enrolment ID of Aadhaar application form, for filing of return of income.

Detailed explanation-2: -For other banking services, Aadhaar is a preferred KYC document. However, if you do not wish to submit Aadhaar, then you may use any other officially valid documents as prescribed by Reserve Bank of India. Remember, linking your bank account with Aadhaar in this case is optional.

Detailed explanation-3: -Is it mandatory to link Aadhaar number in e-Filing profile at the Income Tax website? A. Aadhaar and PAN have been made mandatory for e-filing taxes. If you do not link Aadhaar and PAN, your tax returns may not be processed.

Detailed explanation-4: -Unauthorized access to the central identities data repository (CIDR) and hacking is an offence – imprisonment for 10 years and a fine of Rs. 10 Lakhs.

There is 1 question to complete.