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Your pan has been flagged

Tax queries 12697 views 4 replies

Department is sending messages of flagging of pan card what will be the effect?

Replies (4)

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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