I need an advice on if we have pancard and we are resident on India is it necessary to file return? Please advice with proper supporting.
2007-03-04 15:50:51 · 5 answers · asked by ahen h 1 in Business & Finance ➔ Taxes ➔ India
It is not mandatory for those having PAN & there income falls below
basic exemption limit[BEL], BUT if there gross total income exceeds BEL,because of deduction under chapter VI A [u/s80c to 80u] total income does not exceed BEL.. Assessee must & should file there return along with necessary documents.
Else need not file...[GTI < BEL]
2007-03-05 02:05:29 · answer #1 · answered by B.G.SANTOSH 1 · 0⤊ 0⤋
Having a PAN and filing returns are two separate obligations. If you have taxable income or need to claim a refund, then you have to file a return. For filing a return you need a PAN You need a PAN for several other transactions as well which are not linked to filing your return.
2007-03-04 21:35:31 · answer #2 · answered by sonali_n 2 · 0⤊ 0⤋
If you are eligible to pay tax, then you need to file your investments along with the relevant documents, Otherwise, u neednt do it. However, it is good to have a pan card once u start earning money.
2007-03-04 15:58:23 · answer #3 · answered by Meena Ganesan 3 · 0⤊ 0⤋
When you need PAN card your income above 50000
So Not compulsory for filing incometax return (now limit is 1,10000 from 1.4.2007)
2007-03-04 18:32:28 · answer #4 · answered by suresh b 3 · 0⤊ 0⤋
Yes If u havePAN card so you have to return file.
2007-03-04 20:00:38 · answer #5 · answered by vipali g 1 · 0⤊ 0⤋