Budget 2021: I.T. What's so important about filing a PAN card? | PAN ಕಾರ್ಡ್ ಗೆ ಏಕಿಷ್ಟು ಮಹತ್ವ, ಏನಿದರ ವಿಶೇಷ?

Title : Budget 2021: I.T. What's so important about filing a PAN card?

• File Type : See Link
• File Language : Kannada/English
• State : Karnataka
• Publish Date : 2020
• File Format : PDF
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Permanent Account Number (PAN) is a ten-factor mark that contains a number and a letter. Distributed by the Income Tax Department of India in the form of PAN Card which is laminated. This is a very important proof of identity. For filing income tax returns, PAN is very important for financial transactions.

This article provides important information about such a PAN. The PAN card is also intended to avoid tax theft in financial transactions. Wherever addresses are changed in India, the PAN number alone is not affected.

* Who is eligible to get a PAN card?

- Income taxable in India. It also includes tax-paying foreign citizens in India.

How to get an E-Pan easily? Here is a simple procedure

- Anyone doing business (be it retail, service or consultancy) has a total sales, turnover or wholesale sales figure in the previous financial year. They need Rs 5 lakhs.

* Why is PAN card important for income tax?

- PAN card is required for filing income tax returns. The government sees a person or organization using a PAN card as taxable. So PAN card is important.

- PAN Card required for filing Income Tax Refund. The refund application process does not take place without entering the PAN number.

- PAN number is required to know what the income tax refund status is.

- PAN is important for any company, merchant or any organization that reduces TDS (Tax Detected at Source). Because the amount of money TDS has to be subtracted. The TDS certificate contains the PAN number.

- Helps to avoid high taxes. Most tax credits are missed when filing income tax returns. If the PAN number is not entered, a 30% levy can be levied without any exemption from the government.

* What happens if there is more than one PAN card?

- It is a crime to have more than one PAN card in one person's name. By s. 10,0000 will be fined. It is a crime to have more than one PAN card.

* Income Tax Returns and Documents to be submitted on Income Tax Returns before Form 16 is present

- Passbook on Interest Statement on Bank Statements / Savings Account

- Statement of interest income for fixed depositors

- TDS Certificate

- Form 26AS

- Section 80C Investment Documents

- Provident Fund Contribution

- Provident Fund Contribution

-Family School Tuition Fee

-The life insurance premium amount

- stamping and registration fees

- Repayment of principal amount on home loan

-Equity Linked Savings Plan

-Mutual Funds Investment

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