Pan card for NRI:
- PAN Card is required by an NRI if that NRI has got a taxable income in India.
- According to the new, rule of SEBI, any NRI not having PAN card cannot do the share trading by depository or broker.
- PAN Card is also mandatory for an NRI if the NRI would like to invest in Mutual Funds.
- PAN Card is necessary when an NRI wants to open an NRO or NRE account.
- If an NRI doesn't want to trade but wants to purchase some land or other property in India then also it is mandatory to have PAN card issued by Government of India.
PAN CARD for NRIs and Tax Filing:
There is a myth that, if an NRI applies and gets a PAN card, it is mandatory, year after year for NRI to file Income Tax Returns in India. This is not true. It is not mandatory for an NRI to file Income tax returns in India just because he has a PAN Card.
By now if you have made up your mind and want to apply for Pan card then here is the procedure for you:
Which PAN Card Application, an NRI needs to use?
To apply for PAN card in India, first, you need to visit https://tin.tin.nsdl.com/
There are two application formats available for NRIs. They are
1. 49 A
(https://www.tin-nsdl.com/downloads/pan/download/Form49A_NSDL%20e-Gov_01.06.16.pdf)
49 A form needs to be used by an NRI having Indian Citizenship for getting the PAN Card.
2. 49AA
(https://www.tin-nsdl.com/downloads/pan/download/Form49AA_NSDL%20e-Gov_01.06.16.pdf)
49 AA form needs to be used by an NRI having citizenship. OCI holders, PIOs need to use this form for getting PAN Card.
Pan card application procedure for getting a pan card for NRI:
1. After online filling and submission of the PAN Card application form, a confirmation screen will appear. You can see the complete date filled by you over there. If still, want to make any changes in your Pan card application then edit it or just submit it.
2. After submission, as you can see, you will get online acknowledgment receipt take at least one print out of it. (It is always better to take one printout extra).
3. Now paste two recent passport size photographs in the space provided in acknowledgment. (Its specifications should meet the requirement laid down by IT dept., India).
4. Whether you are doing Signature or using your left thumb, it is to be done in the specific box only. Failing to this your application may be rejected.
5. Then please attach necessary document along with your application for e.g. POI, POA, 2 color photographs with white background, Demand draft etc.
PAYMENT PROCEDURE for NRI PAN CARD:
(1) If you have any communication address in India then you can provide that also for that you need to pay
(a) Processing fee: 110 INR along if the dispatch address is an Indian address and 1020 INR if the dispatch address is an overseas address.
(b) You can make payment by any way (debit, credit card, D.D or net banking ) except cash deposit.
(c) But if you have given communication address is of the Foreign country then you can make payment only by debit /credit card or D.D. Demand Draft should be drawn in the favor of NSDL-PAN payable at Mumbai. (Please do not forget to mention your application no. on the reverse of Demand Draft).
(d) And the amount you pay (Rs 110 or Rs 1020) comprises of the NRI PAN Card application fee, tax, and postage.
(e) At present this service is available only for 99 specific countries (given on NSDL site)
Dispatch of NRI PAN Card:
(1) Your acknowledgment, Demand Draft, if any, and proofs, should reach NSDL within 15 days from the date of online application.
(2) Applications received with demand draft or cheque as a mode of payment shall be processed only on receipt of relevant proofs and realization of payment.
Given are some Do’s and Don’ts while filling your online application for NRI PAN Card:
Do's:
1. Fill the application using black ink. And do
not forget to do so in Block letters.
2. Do the signature in the given box and not over the photograph.
3. Make sure that you are providing correct AO code.
Please follow these rules while submitting Proof of Identity (POI) and Proof of Address (POA).
a) Make sure that the name given on POI and POA
should match the name given in the application.
b) If the applicant is minor then his / her representative should also submit
POA and POI.
Don'ts:
1. It is not advisable to overwrite or to make
corrections in the given application.
2. Do not attach photographs to the application by means of pin or staple.
3. While making a signature, do not write date or place underneath the sign.
4. Do not mention Husband's name in the Father's Name column.
5. Last but not the least; Please do not apply for the PAN card if you already
have one.
Did you find this information useful for you with reference to PAN Card for NRIs? Kindly share your feedback in the comments.
The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the Director and Chief Financial Planner of Holistic Investment Planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in
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