Department is sending messages of flagging of pan card what will be the effect?
ravellashyam (Tax Adviser) (38 Points)
23 January 2019Department is sending messages of flagging of pan card what will be the effect?
Rajib Majumder
(45 Points)
Replied 23 January 2019
I am an NRI, even I got the same sms yesterday. What would be next step for this ?
CA. Umesh kumar
(ca.umesh11@gmail.com)
(1465 Points)
Replied 27 January 2019
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
Indira Priyadarsini Kota
(Practice)
(590 Points)
Replied 20 January 2021
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
