Everything you need to know about pan card for nri
05 January 2017 Print FriendlySMART PRINTKnow everything about Pan Card for NRIsNRIs have invested heavily in India and they play crucial role for India’s development. If they make payments for certain type of expenses, Tax rates would be high. PAN card is mandatory for certain types of transactions. In this blog, we are going to discuss about the steps required to get Pan Card for NRIs.A PAN is mandatory for every person who is required to file a return, and for those who wish to carry out a financial transaction for which the quoting of PAN is compulsory. An NRI (non-resident Indian) also needs to obtain a PAN if he falls into either of the above categories. The procedure to obtain a PAN Card for NRIs is fairly simple and similar across all categories of individuals. However, NRIs need to provide certain documents while applying for a PAN, which are specific to them.Those who are unable to furnish PAN details have to face higher TDS rates [under section 206AA of the Income Tax Act, 1961]. This provision applies equally to NRIs, and foreign company, who must furnish PAN information or else TDS will be deducted at maximum rates.But in a recent circular the income tax department has eased the rules for NRIs who don’t have PAN or foreign companies who do not have a PAN and receive certain payments.Don’t have a PAN card ? Don’t get despair ! You can apply for ONLINE PAN application through our site TaxOrigin.comFor NRIs who are Indian citizens have to apply for a PAN by filling Form 49A, while NRIs with citizenship of another country need to fill up Form 49AA. These forms can be accessed, filled and submitted online through the websites of UTIITSL and NSDL. On submitting the form, an acknowledgement copy with a 15 digit number is generated, which needs to be sent to the designated address along with other documents.Documents to be submitted:Two photographs – must be pasted in the space provided in the acknowledgment formA copy of the passport as proof of identityAny of the following will serve as proof of address: Copy of passport, Copy of bank account statement in country of residence and Copy of NRE bank account statement showing at least two transactions in six months.So, after this process gets completed your Pan card is just 15-20 days away !It is advisable to apply for PAN card and feel relax and in case of any query I suggest you to consult a Chartered Accountant or any other person dealing with such matters for better income and investments planning.I hope this blog might have cleared all the doubts regarding Pan Card for NRIs. You can comment here if you have any questions/suggestions.Thank you.Yash Kapadia
Message likes : 1 times
05 January 2017 learn the difference between a blog and a query space..