CURRENT AFFAIRS

Detailed explanation-1: -You will be required to pay a fee of Rs. 500 till 30th June 2022 and fee of Rs1000 from 1st July 2022.” Once connected to Aadhaar Card, the inactive PAN card will become operative after April 1, 2023.

Detailed explanation-2: -PAN is currently required for cash deposits of Rs 50, 000 or more per day. With these restrictions, a total annual threshold of Rs 20 lakh has been set. From which date it is applicableOn May 10, 2022, the Central Board of Direct Taxes (CBDT) issued a notification in this regard.

Detailed explanation-3: -It is now compulsory to quote your PAN or Aadhar number for cash deposits and withdrawals of Rs 20 lakh or more in a financial year. The person has to submit a PAN or Aadhaar number while opening a current account or a cash credit (CC) account with a bank, including a post office or a co-operative bank.

Detailed explanation-4: -As per the government regulations, PAN details should be furnished for transactions above Rs 2 lakh, irrespective of the payment method. Individuals who don’t own a PAN and have transactions exceeding Rs 2 lakh should fill a form and provide the required identity proof.