Tag Archives: #LegalObligation

Is a PAN card mandatory for all citizens?

PAN card for all PAN card for all,No, possessing a Permanent Account Number card is not obligatory for all Indian citizens. However, it is mandatory for specific financial transactions and activities. The following are some instances when it is mandatory to have a Permanent Account Number Filing Income Tax Returns (ITR): Anyone who has… Read More »

Why is the filing of income tax returns mandatory?

Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »

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