Now every pan holder have to fill return

Others 807 views 2 replies

Albert Desouja

B.Com

78 Points Joined October 2012

Please advice me as per the news which I have read in the news in Economist times 11/02/2013 under the heading Income Tax Department to quiz PAN holders not filing returns means The letters which have been sent to 35,170 PAN holders in the first phase for not filing returns and will take appropriate follow up action. There are over 12 lakh PAN ( Permanent Account Number) holders who had not filed income tax returns, the Department said, adding it has set up a nodal cell to monitor such cases.

So please tell me now every pan holder have to fill the return even his income is not under taxable or not.

Replies (2)

Nikhil Kaushik

Fellow CA

86871 Points Joined June 2009

Dear Albert.

No. It is not compulsory for all the PAN holders to file annual tax returns.

Income tax department surveillance teams keep monitoring financial transactions to detect unreported transactions. I believe the current notices have gone to such people whom income tax department suspect for having taxable income but haven't filed tax returns.