Consider the following statement regarding Permanent Account Number (PAN).1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.Q. Which of the following statement is correct?a)Only 1 and 3b)Only 2 and 3c)Only 1 and 2d)All of the abovee)None of theseCorrect answer is option 'C'. Can you explain this answer?

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Consider the following statement regarding Permanent Account Number (PAN).

1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.

2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.

3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.

Q. Which of the following statement is correct?

a)
Only 1 & 3
b)
Only 2 & 3
c)
Only 1 & 2
d)
All of the above
e)
None of these

Correct answer is option 'C'. Can you explain this answer?

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Consider the following statement regarding Permanent Account Number (...

PAN will be required for withdrawal or deposit of ₹20 lakh or more from one or more bank accounts in a financial year. This norm will also apply to open a current account.
It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.
The amendments in the Income Tax Rules, 1962 have been notified by the Central Board of Indirect Taxes (CBDT).
In Budget 2020, TDS (Tax Deducted at Source) on cash withdrawal over ₹20 lakh was introduced by the government.
Section 139A of the Income Tax Act deals with persons or transactions who should apply for and quote PAN.
It is a ten-digit alphanumeric number issued by the Income Tax Department.
As per provisions of Section 272B of the Income Tax Act 1961, a penalty of ₹10,000 can be levied on possession of more than one PAN.

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Consider the following statement regarding Permanent Account Number (PAN).1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.Q. Which of the following statement is correct?a)Only 1 & 3b)Only 2 & 3c)Only 1 & 2d)All of the abovee)None of theseCorrect answer is option 'C'. Can you explain this answer?

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Consider the following statement regarding Permanent Account Number (PAN).1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.Q. Which of the following statement is correct?a)Only 1 & 3b)Only 2 & 3c)Only 1 & 2d)All of the abovee)None of theseCorrect answer is option 'C'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Consider the following statement regarding Permanent Account Number (PAN).1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.Q. Which of the following statement is correct?a)Only 1 & 3b)Only 2 & 3c)Only 1 & 2d)All of the abovee)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statement regarding Permanent Account Number (PAN).1. PAN will be required for withdrawal or deposit of Rs.20 lakh or more from one or more bank accounts in a financial year.2. It will apply to account(s) with a commercial bank, co-operative bank, or with the post office. The rules will be applicable from May 26, 2022.3. It is a Twelve -digit alphanumeric number issued by the Income Tax Department.Q. Which of the following statement is correct?a)Only 1 & 3b)Only 2 & 3c)Only 1 & 2d)All of the abovee)None of theseCorrect answer is option 'C'. Can you explain this answer?.

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