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Monday, October 25, 2010

Is it compulsory for NRIs to have a PAN number?

The Permanent Account Number (PAN) is a revolution, started by the Income Tax Department, and spreading far and wide today. It has become an indispensable tool of the IT Department, in not only identifying the tax payers, but in a load of other means as well, some of the benefits of having a pan number are:

  • Paying tax / Filing tax returns
  • Operating DEMAT account
  • Depositing more than Rs.50, 000/- in the bank
  • Investing in the financial market and/or post office savings an amount exceeding Rs.50, 000/-
  • Sale or purchase of motor vehicles (excluding two wheelers)
  • Sale or purchase of immovable properties worth Rs.5 lakh or more
  • Applying for a new telephone connection (landline and cellular)
  • Paying Rs.25, 000/- or more against hotel/restaurant bills Read more >>

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