Procedure of PAN Card Application For NRI’s
PAN (Permanent account number) is an important identification code considering an individual’s financial transaction account. Income tax department of India uses PAN for refereeing the data related to the tax payer’s financial details and transactions. This unique identification code is provided to help the IT department track the flow of financial transactions from one organization to the other and help handle tax evasion.
PAN and NRI SEBI (Securities and Exchange Board of India) has made PAN mandatory for NRIs who want to possess a Beneficiary ownership (BO) account of absolute power. Persons who do not have a PAN card are not able to open an account in banks India to trade or transact shares and equities. In addition to this, NRIs who want to buy a land or property in India also need to have PAN card issued by Income tax department of India.
What are the procedures of PAN Card Application for NRIs?
An NRI can apply for PAN card in India through online by following the procedure;
• Get Form 49A from UTITSL or Income tax India website
• Fill up the application form according to the guidelines mentioned and also with photographs and other needed details.
• Persons have to include their address of residence in abroad, instead of home town address in India.
• Once the form is filled up correctly, submit online and take the printout of acknowledgement.
• Thumb impression has to be done in the place of signature before a Gazetted office with his signature and seal.
• If demand draft is chosen, then a DD of 944 INR has to be taken in favor of NSDL Mumbai.
• The acknowledgement with copies of necessary documents, duly signed by the applicant has to be sent to NSDL office, Mumbai along with the DD.
• Applicants have to check the status of PAN at incometaxindia.gov website regularly.
Important documents needed for NRI PAN Application:
A few documents will be asked by the IT department at the time application for PAN for NRIs. They include;
• Copy of passport as identity proof
• Current residence address as proof of address
• NRE bank account statement copy, attested by Indian Embassy or consulate
• Copy of foreign branch bank account
PAN is mandatory for government bodies of India for keeping data intact related to the financial status of an NRI’s account. NRIs who do trade, property purchase, stock exchange at hometown, these transactions come under the jurisdiction of Indian government. Identifying and yielding tax from such financial transaction is necessary under Indian income tax rules. And, PAN Card Helps India government to track financial transactions of an NRI without fault.
PAN and NRI SEBI (Securities and Exchange Board of India) has made PAN mandatory for NRIs who want to possess a Beneficiary ownership (BO) account of absolute power. Persons who do not have a PAN card are not able to open an account in banks India to trade or transact shares and equities. In addition to this, NRIs who want to buy a land or property in India also need to have PAN card issued by Income tax department of India.
What are the procedures of PAN Card Application for NRIs?
An NRI can apply for PAN card in India through online by following the procedure;
• Get Form 49A from UTITSL or Income tax India website
• Fill up the application form according to the guidelines mentioned and also with photographs and other needed details.
• Persons have to include their address of residence in abroad, instead of home town address in India.
• Once the form is filled up correctly, submit online and take the printout of acknowledgement.
• Thumb impression has to be done in the place of signature before a Gazetted office with his signature and seal.
• If demand draft is chosen, then a DD of 944 INR has to be taken in favor of NSDL Mumbai.
• The acknowledgement with copies of necessary documents, duly signed by the applicant has to be sent to NSDL office, Mumbai along with the DD.
• Applicants have to check the status of PAN at incometaxindia.gov website regularly.
Important documents needed for NRI PAN Application:
A few documents will be asked by the IT department at the time application for PAN for NRIs. They include;
• Copy of passport as identity proof
• Current residence address as proof of address
• NRE bank account statement copy, attested by Indian Embassy or consulate
• Copy of foreign branch bank account
PAN is mandatory for government bodies of India for keeping data intact related to the financial status of an NRI’s account. NRIs who do trade, property purchase, stock exchange at hometown, these transactions come under the jurisdiction of Indian government. Identifying and yielding tax from such financial transaction is necessary under Indian income tax rules. And, PAN Card Helps India government to track financial transactions of an NRI without fault.
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