Some common questions relating to pan (Permanent Account Number) are explained as under:-
a) What is benefit of Permanent Account Number Card.
b) Return submission is mandatory or not after getting Pan Number
c) Use of different Pan Number.
d) Two Pan Numbers.
e) Duplicate Pan Card.
f) Wrong Pan Number on Return.
Clarity of above questions are as under:-
a) Pan Card is mandatory for completing numerous financial transactions such as Opening of Bank Account, purchase of high-end consumer item, foreign travel, transaction of immovable properties, dealing in securities etc. It is also valuable as photo identification
b) No, return is not mandatory after having pan cards. It is only mandatory for those whose taxable income is greater than the basic exemption limit.
c) It is advisable to Use only one Pan number.
d) In case you have two pan card, you should immediately surrender one out of two. If you do not surrender, penalty of Rs. 10,000/- can be imposed at any time.
e) For getting duplicate pan card, you will have to submit this form (Click here) and submit with nodal centers appointed by Income Tax Department.
f) We should mention correct pan number on our return. Otherwise penalty can be raised by Income Tax Department .
On Line Income Tax Calculator and other important calculators (click here)