Is it compulsory to file income tax return. If we have pan card?

Answer 1

Whether you have PAN card / PAN number or not, in you self assessment, if you have taxable income in a financial year, you are duty bound to file Income tax return for the corresponding financial year by due date applicable to you. If you don't have any taxable income in any financial year, even if you have a PAN number/card, you "may" (note the quote's meaning - optional) not file the income tax return for the corresponding year. But remember, if you get notice from the Income tax office to file the return, you are duty bound to file it irrespective of your income and your Pan number / card.

Answer 2

Yes it is compulsory from the moment you are issued a PAN card

If you dont fall into the income tax alab then you would have to file the tax returns form stating taxable income as nil.

Answer 3

It is not necessary that you need to file return compulsorily if you have PAN Card. As per the provisions of the Income Tax Act,1961, you need to file a return only if your taxable income during the previous year exceeds the maximum limit that is not taxable. To say more precisely, if your taxable income for the year 2006-07 is 100,001/- then you need to file income tax return since it crossed the exemption limit of Rs.1,00,000/-. On the other hand if your taxable income is below Rs.1,00,000/- you need not file a return even if you have a PAN card since it is well within the exemption limit. O k All the best.

Answer 4

It is only compulsory to file an income tax return if you have earned income (while working in the US) in excess of the allowable personal deduction for that year or if you over paid your taxes(the only way to get your money back), then you must file an income tax return.

Answer 5

yes it compulsory filing the IT if ur holder of pan card.its not even so compulsory for male who have there annual taxable income less than 100,000 and for the females less than 130,000.but those who have there income more than this must file there income tax

Answer 6

Yes, it is very important to file your IT returns.. Once you have PAN card, it is always advisable to file returns every year.. It will be also useful when you are travelling abroad.

Answer 7

it is compulsory coz when you open an account or invest anywhere you mention your PAN Card no.

they would trace you there.

advice is file your returns truly and be happy always
:)

Answer 8

not necessary only if your income reaches the target of tax slab

Answer 9

hi shetty.here is a clen chit of information for you in case of PAN card and the tax to be paid on it.how to pay .when to pay.i will give you a clear idea go thro it kkkk........................

Answer 10

yes