INSUBCONTINENT EXCLUSIVE:
It is not mandatory to file income tax return after getting PAN.August 31 is the last day to file income tax return or ITR
However, if you do not have a PAN card, you will not be able to file it
PAN or permanent account number is mandatory for filing of income tax return
It is mandatory to quote PAN during all correspondence with any income tax authority
PAN is a ten-digit alphanumeric number issued by the Income Tax Department, to any person who applies for it or to whom the department
allots the number without an application
PAN enables the department to link all transactions of the person with the department
These transactions include tax payments, returns of income/wealth/gift and so on
PAN, thus, acts as an identifier for the person with the tax department.(: Step-By-Step Guide To Update Address In PAN Card)What is the
validity of PANA PAN card, once obtained, is valid for lifetime of the PAN card-holder throughout India
It is not affected by change of address or change of assessing officer etc
However, any change in the PAN database (i.e
details provided at the time of obtaining PAN) should be intimated to the Income Tax Department by furnishing the details, according to the
Income Tax Department's website.Can you hold more than one PAN cardYou cannot hold more than one PAN card
If a PAN is allotted to a person, then he or she cannot apply for obtaining another PAN
10,000 is liable to be imposed under Section 272B of the Income-Tax Act, 1961 for having more than one PAN.(: From Section 80C To Section
80GG Of I-T Act: 5 Ways You Can Reduce Your Income Tax Liability)If a person has been allotted more than one PAN, he or she should
immediately surrender the additional PAN card(s).Should you intimate your PAN to income tax deductorYou should intimate your PAN to the
Non-furnishing of PAN to deductors results in TDS or tax deducted at source at much higher rate of 20 per cent or even more
TDS allows tax to be deducted at prescribed rates beforehand.Is it mandatory to file return of income after getting PANIncome tax return is
to be filed only if you are liable to file return of income under Section 139.It is not mandatory to file income tax return after getting
PAN, according to the taxman's website.
