Department is sending messages of flagging of pan card what will be the effect?
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Your pan has been flagged
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I am an NRI, even I got the same sms yesterday. What would be next step for this ?
Even I got the message. Can anyone explain this?
IT department collect data from various sources and and send notice to file retun based on this information.
some example-
Cash deposit in savings account 10 lac or more in one FY.- bank inform such pan to income tax department in annual information return
sale and purchase of immovable property above 30 lac- registration authority inform to IT Dept
credit card spending more than 2 lac in a year- credit card company inform to IT department
foreign travel
Trading in stock market- stock exchange inform
If a person has not filed ITR or his filed itr does not match with his spending/income then Notice are sent.
In this case analyse reason and file ITR and pay tax if applicable.
CA umesh kumar- 9717597230
Sir,
Will we get any notice when our PAN card is flagged?
Can you explain the process to do when it happens?
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