What if i own a PAN card and don`t pay tax?

Question

will the IT dept know my income?

Answer 1

They will if they need to. With e-filing this is a lot easier too.

Think of these:

1. All banks ask for PAN information on accounts of all sorts

2. PAN is quoted in demat accounts

3. PAN is quoted when your employer deposits TDS against you

4. Any transaction greater than 50000 through banks require quoting PAN number

In effect, it is not a great idea to conceal. In addition, if you are able to conceal and think that you save a great deal, then I think that amount should be very big to make a difference if you paid the tax