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Wednesday, December 26, 2012

How NRIs (Non-Resident Indians) can apply for PAN Card from Abroad?

What is a Pan Number?
A PAN Number is a ten-digit alphanumeric number, also known as a Tax ID number in India. It comes to you in the form of a laminated card with your picture and signature…the size of a credit card. It is issued by the tax department in order to keep track of who has paid taxes in India.

If you are an NRI, Is it Necessary to have a PAN?
Yes, if you have any money in India at all: in a bank account, investments, etc, you have to have a PAN number. If you do not have one for your existing accounts, you may have to face a penalty. In order to open any new financial account in India of any type, you must have a PANcard first.

Do you have to pay taxes in India, just because you have a PAN number?
You only have to pay taxes on Income that you have generated in India. Just because you have a PAN does not mean that you must pay taxes in India. You should however, file taxes. Even if you do not make any money in India, it is a good idea to file zero taxes. This will put you in very good standing with the government and might even increase your credibility. 

What will having a PAN card do for you?
You cannot do anything financial in India anymore without a PAN. You need to mention your PAN number every time you open a bank account, open a Demat account, invest in India, get income from rent, buy or sell property, get a loan, etc. 

Lucky for you, applying for a PAN card from abroad as an NRI, is now very simple. You can start your process here:

1 comment:

  1. Thanks for sharing very useful information. NRIs can provide a foreign address as residential or office address if they do not have any Indian address of their own. The PAN card dispatch facility outside India is available only in selected countries. It is best check the list before applying.