Compulsory to file Return after PAN Card ?
This query is : Resolved
Jignesh Desai
(Querist)
20 June 2011
Is it compulsory to file Income Tax Return for an Individual every year after he has been issued a PAN Card .
CA. B.SRINIVASULU
(Expert)
20 June 2011
Not compulsory provided your income is less than taxable limit if you are other than a salaried employee and if you are a salaried employee if your income is less than 5 lakhs you need not file a return.
SHASHI VARDHAN
(Expert)
20 June 2011
no it is not. if your income is above 160000(5 lakh notification yet to come)before allowing deduction under Chapter-VIA then only it is obligatory to file ITR refer sec 139 of IT Act in this regard.
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Jignesh Desai
(Querist)
21 June 2011
Thanx , Guys . You guys are real experts & constantly improving !
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