Common questions

Is it safe to share PAN card number to tenant?

by Author

Is it safe to share PAN card number to tenant?

Yes the company has to disclose the landlords PAN in form 24 Q. Form 24Q is a quarterly return to be filed by employer deducting tax on your salary.

Is it necessary to give landlord’s PAN number on rent receipt?

Documents like rent receipts and rental agreements will be required to be submitted to the employer for claiming deduction for house rent allowance. If the payment of rent is more than Rs 1 lakh per annum, then PAN of the house owner will be required to be submitted.

Is tenant PAN card required?

According to a government notification, PAN card information will now be required when filing HRA (House Rent Allowance) claims returns by employees. The government has stated that the landlord’s PAN card details will have to mentioned on the exemption form in case of house rent exceeding Rs. 1 lakh in a year.

READ:   How do you decide which is the best brand for a product?

Can anyone misuse my PAN card photocopy?

If someone is able to get your xerox copy of the PAN, then also it may be misused to obtain a loan or credit card or something else in your name. So be careful when you are signing a xerox copy of the form. Some people may not be eligible to get loans due to bad financial records or low CIBIL score or any other reason.

Are rent receipts mandatory?

You must ask for receipt for the rent paid every month irrespective of the channel used for making payments. In addition to rent receipts, if your payment exceeds Rs. 1 lakh annually, then it is mandatory for you to provide the PAN of your landlord to your employer to avail the full benefit of HRA exemption.

Is tenant Name mandatory in ITR?

If the house has been put on rent, then the taxpayer has to submit the tenant’s name, Aadhaar or PAN details while filing the ITR 4 form.

READ:   Which is more reliable Camaro Mustang or Challenger?

Is it safe to give PAN details?

The Income Tax Department has also issued warnings to all PAN cardholders in the country to be careful while sharing their PAN details. If you share your PAN details casually, you make yourself vulnerable to identity theft. Invariably, PAN is linked to other documents such as Aadhaar card, passport, and bank accounts.

Can PAN card be blocked?

They are unable to access their cards to file their IT returns. This is because the PAN that is being used by them to file returns may have been deactivated most likely. When the PAN is cancelled, the taxpayer’s income tax e-filing login will also get blocked.