Permanent Account Number (PAN)

Process of Applying for PAN Card for NRI

A person needs to submit the requisite application , 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.

NRIs chargeable to tax in India or satisfying certain criteria is required to obtain PAN.

Requirements of PAN

It is necessary to quote PAN or provide a copy of PAN card 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

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/she cannot apply for obtaining another PAN. A penalty is liable to be imposed under the Income Tax laws for having more than one PAN.