Permanent Account Number (PAN)
Process of Applying for PAN Card for NRI
A person needs to submit the requisite application (depending on citizenship), attaching required photographs and necessary documents to obtain a PAN. A PAN can be applied for in two ways:
- The online application for PAN can be done through the popular websites of UTIITSL or NSDL; or
- The offline application for PAN can be submitted at the PAN Application Centres of NSDL or UTIITSL.
- PAN Application is to be submitted along with a copy of ID proof and Address proof.
Every person assessable to tax in India or satisfying certain criteria is required to obtain PAN. It is permanent, and the number will not change with a change of address of the PAN holder or change of Income Tax Office. This code is computer-generated and is unique to the holder of the card.
NRI PAN Card Forms
In the case of Indian individuals/entities, an application is to be made whereas, in the case of foreigners, an application is to be made. Minors and students can also apply for PAN by making an application.
General Requirements of PAN
It is necessary to quote PAN or provide a copy of PAN for entering into the following transactions:
- Filing of Income Tax Return (ITR), challans for making payment of Income Tax;
- Opening an account with a Bank;
- DEMAT Account for investing in shares and securities i.e. Initial Public Offers, Mutual Funds, Portfolio Investment Schemes and Portfolio Management Schemes;
- Sale or purchase of immovable property;
- Sale or purchase of the motor vehicle;
- Where non-resident has any income on which tax has been deducted, PAN is to be furnished to the person deducting tax, etc
Correction/Modification in PAN
Particulars of PAN remain unaffected on change of address, income level, change of country, etc. However, any correction/modification in PAN must be made through an application in the prescribed form to get the same updated with the IT Department.
Penalty for having more than one PAN Card
A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty is liable to be imposed under the Income Tax lawsfor having more than one PAN.
In all the above situations, an NRI may have to go through certain government procedures that can get pulverizing, complex, or time-consuming. For this reason, our Experts offer a plethora of NRI tax services inclusive of NRI PAN Services. These include Application for PAN, NRI PAN Card services, modification in PAN, and every procedure that comes under the umbrella of NRI PAN.
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