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One of my friend wants to have PAN card,annual income is 54,000/- whether is advisable to go for IT certificat |
One of my friend wants to have PAN card,annual income is 54,000/- whether is advisable to go for IT certificat Filing of return is mandatory for all individuals having gross total income of RS 50000 even if total income exempt from tax is Rs 1 lac. PAN is required for many transaction and having PAN does not make a person liable to file return of Income. One should file application for allotment of PAN even if somebody is having income less than Rs 50000. Filing return is purely based on your income.I will advise your friend to go for PAN. Filing return is immaterial. It is better not to go for it. otherwise he has to file the IT returns without having the taxable income. It is not so that he has to pay tax but he has to file NIL return till his income become taxable.But PAN card is one of the most important identity proof According to income slab your friend have no need to file income tax return and pan card. but there are some transaction where u have to submit your PAN card details. like if u want to open demat or trading a/c in stock market then u have to submit your PAN card number. u can't trading without pan card. similarly there are some other transction where u have to put your PAN card number. so my advise is that u have to go for pan card either your income is below to taxable slab |
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