PAN (Permanent Account Number)
Definition
A ten-character alphanumeric identifier issued by the Indian Income Tax Department to track a taxpayer's financial transactions. It is required for filing returns, high-value transactions, and most TDS and GST interactions.
Related Terms in India GST
Section 139 (Return Filing)
The provision governing the obligation and due dates for filing income-tax returns in India, including who must file, belated returns, revised returns and updated returns, each with its own time limits and conditions.
Belated Return
An income-tax return filed after the original due date but within the extended limit allowed by law in India. A late-filing fee and interest may apply, and some losses cannot be carried forward if the return is belated.
Revised Return
A return filed to correct an error or omission in an income-tax return already submitted, within the time limit allowed. It replaces the original return for the year.
Updated Return (ITR-U)
A facility allowing Indian taxpayers to file or correct a return for a past year beyond the normal revision window, generally on payment of additional tax. It cannot be used to reduce tax or claim a refund.
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