If I have got PAN card, is it mandatory for me to file income tax return.?

Answer 1

*Yes !!!!

Answer 2

Its not mandatory to file the Income tax return. But its advisable If U R income is above the exempted limit U Have to file Compulsorily. For the Assessment Year 2007-08 exemption limit is Rs.1,10,000. If U R income is above 1,10,000 U must file a return IF U dont have any tax Liablity U have to file a nil Return with the Income tax return.

Answer 3

U/s 139(1) if your total income in respect of which you are assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax (i.e. Rs. 1,50,000/- for men and Rs. 1,80,000/- for women ) then you should furnish a return of your income during the previous year, in the prescribed form on or before the due date. For submission of an ITR a PAN No. is essential. Any body can get a PAN, even a new born or a 100 year old.

Answer 4

Yes, if ur income exceeds taxable limit. In the case of loss, u should file the return well with thin the time specified u/s 139 of the I.T. Act 1961 to carry forward the loss for set off against the income of future years. In the case of income below taxable limit, no need to file though u have got PAN. if in the case of income below taxable limit u have not filed ur return of income and deptt. serves notice u/s 148, file the same.

Answer 5

There is no such mandatory requirement only on the basis of obtaining PAN Card, hwever if your income from all sources before claiming deductions relating to PPF, LIC, Mediclaim etc is above Rs 100000, then you have to file it mandatorily failing which you may entail a fie of Rs. 5,000

Answer 6

Your PAN card can be obtained even if you don't have taxable income, but your filing of return is linked to your taxable income or gross income, not specifically exempt from tax.

Answer 7

If during the financial year (April to March) your gross income is above non taxable limit (Rs.100000/-for financial year 01.04.2006 to 31.03.2007) then you have to file the income tax return. It is possible that you may not have to pay any income tax due to the exemptions allowed under sections 80C to 80U, still if your income is above the said limit, then you have to file return compulsorily.

Answer 8

No, Its is not compulsory, but it is advisable that u should file Ur returns, today ur income may not be taxable but it also gives u a good track record, and filing returns gives u enormous benefits (it helps while taking loans, flying to Europe, investment, etc etc)

Answer 9

yes,but if ur income is below ten thousand per month u will file returns as nil.

Answer 10

u have to flie a income tax return if your GROSS income is more than rs 1,10,000/- per annum ( by gross I mean before deducting LIC

Answer 11

yes