Income Tax Slab: Under Section 139A of the Income Tax Act, 1961, PAN card is necessary for certain categories of individuals, such as those with taxable income and for carrying out specified financial transactions such as high-value cash deposits or withdrawals in a bank. In such a situation, PAN card is very important for filing income tax.
Income Tax Return: When income becomes taxable, then tax has to be filed on that income as well. At the same time, an important document is required for filing income tax, which is called PAN card. Be it opening a new bank account, filing Income Tax Return (ITR) or carrying out large financial transactions, having a Permanent Account Number (PAN) card is essential. But sometimes such a situation is also seen when people do not have PAN card and their income is taxable.
Income Tax
Under Section 139A of the Income Tax Act, 1961, PAN card is necessary for certain categories of individuals, such as those having taxable income and for carrying out specified financial transactions such as high-value cash deposits or withdrawals in a bank. In such a situation, PAN card is very important for filing income tax. If you do not have a PAN card, then you should apply for it immediately. However, the Income Tax Department rules also provide two options for those citizens who do not yet have a PAN card or their PAN number is not easily available.
Aadhaar in lieu of PAN
Those who do not have PAN card but have Aadhaar number are allowed to quote Aadhaar in lieu of PAN. In such cases the Income Tax Department can automatically generate a new PAN linked to the Aadhaar card. People who have been allotted PAN can also use their Aadhaar number provided both are linked. Linking of PAN and Aadhaar is already mandatory.
Form 60
Those who do not have PAN card can fill Form 60 under Income Tax Rules, 1962. Form 60 is nothing but a signed declaration stating that you do not have a PAN card and your income is below the taxable limit. It also asks for details of your income. People who do not have PAN card, only they can fill this form, otherwise you can be fined under section 272B of the Income Tax Act. If you have applied for PAN but have not received it yet, you can fill this form but you will have to provide the PAN Card Application Acknowledgment Number.
