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How NRIs can apply for PAN card in India

Written by  Friday, 19 February 2016 21:51
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Pan Card Example Pan Card Example Image Courtesy : Knowyourpantan.blogspot.com

A PAN is mandatory for every person who is required to file a return, and for those who wish to carry out a financial transaction for which the quoting of PAN is compulsory. An NRI (non-resident Indian) also needs to obtain a PAN if he falls into either of the above categories. The procedure to obtain a PAN is fairly simple and similar across all categories of individuals. However, NRIs need to provide certain documents while applying for a PAN, which are specific to them. 

Article Published in The Economic Times (India)

What is a PAN Card?

Permanent account number

(PAN) is a code that acts as identification of Indians, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act 1961. An example number would be in the form ofAAAPL1234C. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.[1]

Like the Aadhaar Number and Driving License, it is also issued to foreign nationals (such as investors) subject to a valid visa and hence, it is not acceptable as a proof of Indian citizenship.

The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions.

The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy.

The PAN is unique to each individual and is valid for the life time of the holder, throughout India. An important point to note would be that once issued, the PAN is not affected by a change of address.

Source:- Wikipedia

Read 1387 times Last modified on Thursday, 07 April 2016 17:00
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