Permanent Account Number (PAN) is a unique, ten-digit alphanumeric identity issued by the Income Tax Department to all tax-paying individuals and organizations in India.
PAN facilitates instrumental financial transactions such as tax payments,entering certain financial contracts, making larger cash deposits, applying for credit/debit cards, filing I-T returns, among others.
It also serves as a government-verified proof of identity.
When and why would an NRI require PAN card?
A non-residential Indian would have to apply for PAN card in India, if they earn taxable income in India, or desire to invest/trade in shares and mutual funds in India, or decide to buy some land or property in India, for purpose other than trading.
Here’s how NRIs can apply for PAN in India :-
- log on to the online PAN application page on the NSDL portal.
- Now, if the applicant resides abroad, but is still an Indian citizen, then Form 49A must be selected.
- In case, the applicant is now a foreign citizen, then Form 49AA must be chosen.
- Fill out the necessary details, and click on ‘Submit’ button.
- After submission, an acknowledgement slip containing a 15-digit acknowledgement number will be issued to you.
- Take a printout of the acknowledgement slip.
Attach necessary documents, viz. an identity proof (DL/Aadhaar card/Voter ID card etc.), an address proof (Passport/Bank account statement etc.), 2 recent passport-size photographs, and the demand draft (if it is the preferred payment mode)….Read More>>>