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Wednesday, April 25, 2012

How NRIs can apply for PAN card in India?

The PAN card is issued by the income tax department of India and it contains a unique ten digit alphanumeric code. Even if you are a non resident Indian, you will still need to get a PAN card. The PAN number has to be quoted in all your financial transactions including buying automobiles, buying and selling immovable properties and obtaining a cellular phone or a landline connection. So, if you receive income in India and need to file tax returns, you must have your PAN card.
NRIs, PIOs, OCIs and Foreign Nationals VISIT: to apply Indian PAN Card Online.
The process
The process of obtaining a PAN card by NRI is the same as in the cases of residents. They can also make the application online. However, a few special points have to be remembered:
  • You will have to use the AO code as it pertains to the International Taxation Directorate.
  • The address is the most important consideration. There are two types of address and the requirements for each are different:
- The address for communication can be any address located within India or abroad.
- If a foreign address is provided as an address of communication, it must be accompanied by a valid email address.
- The foreign address should be mentioned clearly and in detail in the application. Such details include the name of the state and the province, the name of the country and the complete and proper PIN code or the ZIP code.
- Additional charges that are necessary to courier the PAN card to the foreign address will have to be borne by the applicant.
-  The NRI can provide a foreign address as the residential address if he does not have the same in India.
-   You need not provide the details of the residential address.
-   If you do provide the details, you will have to furnish a document showing proof of identity in respect to that address.
  • The NRI applicant will also have to submit a recent colored photograph of prescribed size with the application for PAN.
  • No photograph is necessary if the NRI applicant is not an individual (it may be a company or a business etc).
  •  Individual NRI applicants will always have to sign the form himself.
  • In case of other types of applicants, the signature should be done only by authorized signatory. Such signatory may be a partner in the company or director or a trustee in case of a trust etc.
  • Signatures must be provided, either by the individual or by the authorized signatory, irrespective of the details of the residential address.
Who are the nonresident entities who require a PAN card?
There may be some confusion regarding who exactly are the nonresident entities who need to apply for a PAN card. Bearing in mind that PAN card is the means of keeping track of financial transactions with the aim of calculating tax, any entity that engages in such transactions in the country will require having a PAN card. Otherwise, you will be taxed at the highest possible rate.
The nonresident assesses who require applying for PAN card are:
  • Any individual NRI, i.e. an Indian who is residing outside of India at the time of application.
  • A foreign citizen desirous of having financial transactions in the country.
  •  Any trust or company or business entity that is not Indian in origin and does not have its own office in the country.
You should also know that it is illegal to have more than one PAN number for a single entity – be it an individual or company.

1 comment:

  1. PAN card is compulsory for the transactions above 50000. If you need to check your PAN card status click here. Thanks!