Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

14 Questions

0 Views

PAN Requirements for Income Tax

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

In how many transactions is it mandatory to quote PAN?

Several transactions specified under the Income Tax Act, 1961 (correct)

All transactions

Some transactions

No transactions

What is the purpose of quoting PAN on return of income and challans for payment of taxes?

To delay the processing of income

To reduce the amount of taxes paid

To increase the processing time of income

To ensure accurate credit of taxes paid (correct)

What is the penalty for possessing or using more than one PAN?

Up to Rs. 20,000

Up to Rs. 1,000

Up to Rs. 10,000 (correct)

Up to Rs. 5,000

Where can errors in the data printed on the PAN Card be reported?

To the IT PAN Services Unit Signup and view all the answers

What is the purpose of the website www.incometaxindia.gov.in?

To provide information and services to citizens Signup and view all the answers

What is special about the QR Code on the PAN Card?

It is readable by a specific Android Mobile App Signup and view all the answers

What is the keyword to search for the specific Mobile App on Google Play Store?

Enhanced QR Code Reader for PAN Card Income Tax Department Signup and view all the answers

Where should one report if more than one PAN has been allotted?

To the Assessing Officer Signup and view all the answers

Why is it necessary to quote PAN on return of income and challans for payment of taxes?

To ensure accurate credit of taxes paid Signup and view all the answers

What should you do if you have been allotted more than one PAN?

Bring it to the notice of your Assessing Officer Signup and view all the answers

Where can you find detailed information on PAN?

On the website <a href="http://www.incometaxindia.gov.in">www.incometaxindia.gov.in</a> Signup and view all the answers

What is the purpose of the QR Code on the PAN Card?

To read the information on the PAN Card using a specific mobile app Signup and view all the answers

What should you do if you find any error in the data printed on your PAN Card?

Bring it to the notice of the IT PAN Services Unit Signup and view all the answers

What is the significance of Rule 114B of the Income Tax Rules, 1962?

It specifies the transactions where PAN is mandatory Signup and view all the answers