Pan Card is issued by the government department. For this reason, this card can also be used as an identity card. The department has also told which people are required to file income tax returns.
New Delhi: PAN card is a very important document. No financial work can be completed without this card. This card is also required to file income tax return. Right now it is time to file the return. In such a situation, this question is important, whoever has a PAN card, it is necessary to file ITR. It is important to know a rule of the Income Tax Act in this regard.
The department has given answers to every question, the Income
Tax Department has answered every question related to PAN card and returns on its website. It is very important for any person to file an ITR, to have a PAN card linked to Aadhaar. ITR will not be able to process without it. Without PAN card, tax amount will also not be known.
It is necessary for them to file a return
, whoever comes under the ambit of Section 139 of the Income Tax Act, has to file a return. Under this section, every person whose income comes under the tax has to fill the income tax return. Although the person who has a PAN card, but their income is not taxable income, then it is not necessary to file income tax. Only the return has to be filed by the person who earns more than 5 lakh rupees annually from business, job or profession. There is no tax on farmers’ income and they do not even have to file returns.
Without many large transaction PAN cards, an incomplete
PAN card is required to do many large transactions. Apart from this, buying a property above five lakh, buying jewelery, making a transaction of 50 thousand rupees or more in a bank or a big FD-RD, a life insurance premium of more than 50 thousand and investing in the stock market would also be a PAN card. is. You will not be able to do this important work without PAN card, apply at home
Penalty for not filing ITR,
if a person’s income is taxable, but he does not file the return on time, then the department can impose penalty on him. The fine amount is from 5 thousand rupees to 10 thousand rupees. Apart from hiding any information, the department has made a provision for imprisonment on people as well as a fine.
