Why PAN card is critical for revenue tax return, who has to use, validity

Submitting of Earnings Tax Return just isn’t necessary after acquiring PAN.

The final date to file Earnings Tax Return or ITR is August 31. Nevertheless, in case you would not have a PAN card, you won’t be able to file it. PAN or Everlasting Account Quantity is necessary for submitting Earnings Tax Returns. It’s necessary to say PAN throughout all correspondence with any Earnings Tax Authority. PAN is a ten digit alphanumeric quantity issued by the Earnings Tax Division to any one that applies for it or to whom the division allots the quantity with out utility. PAN permits the division to hyperlink all of the transactions of the person with the division. These transactions embrace tax fee, return of revenue/cash/reward and many others. PAN, thus, acts as an identifier for the individual holding the tax division.

(Additionally Learn: Step-by-Step Information to Replace Tackle in PAN Card)

What’s the validity of PAN?
The PAN card, as soon as obtained, is legitimate for the complete lifetime of the PAN card holder throughout India. It’s not affected by change of deal with or change of Assessing Officer and many others. Nevertheless, any change within the PAN database (i.e. the main points offered on the time of acquiring PAN) ought to be intimated to the Earnings Tax Division by furnishing the main points accordingly. Web site of Earnings Tax Division.

Can you may have multiple PAN card?
You can not have multiple PAN card. If an individual is allotted a PAN, he can not apply to get one other PAN. Effective of Rs. 10,000 will be levied beneath part 272B of the Earnings Tax Act, 1961 for having multiple PAN.

(Additionally learn: Part 80C to Part 80GG of the IT Act: 5 Methods You Can Cut back Your Earnings Tax Legal responsibility)

If an individual has been allotted multiple PAN, he ought to instantly hand over the extra PAN card.

Must you inform your PAN to the Earnings Tax deductor?
You need to inform your PAN to the Earnings Tax deductor i.e. the individual deducting the tax. In case of non-delivery of PAN to the deductors, TDS or tax at supply is deducted on the price of 20 per cent or extra. TDS permits deduction of tax at pre-determined charges.

Is it necessary to file return of revenue after acquiring PAN?
Earnings tax return is to be filed solely in case you are liable to file return of revenue beneath part 139.

In response to the web site of the taxpayer, it isn’t necessary to file revenue tax return after acquiring PAN.

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