PAN required at post offices under new income tax rules
Business
You will need to provide your PAN (Permanent Account Number) for things like deposits, withdrawals, opening accounts, or investing in time deposit schemes at post offices.
This update is part of the new income tax rules and aims to make savings transactions more transparent and compliant.
Form 121 replaces 15G and 15H
Form 121 is available to eligible taxpayers seeking TDS exemption on interest income, replacing the old Forms 15G and 15H.
If you do not have a PAN yet, there is Form 97 where you will fill in details like your name, address, transaction information, and attach documents.
Post offices will keep these records for seven years as digital systems are updated.