An NRI looking for income and investment opportunities in India must have a valid pan card to indulge in financial transactions mandatory by income tax authority of India. NRIS can apply online to get PAN card and can also check Pan Card status online. Pan card is not something mandatory for Indian citizens only. It is compulsory for foreign nationals, foreign companies as well as NRIs to have PAN card as per the income tax law applied in certain conditions and circumstances.
An NRI must have a valid pan card if he/she has taxable income in India in any financial year. If an NRI wishes to open a bank account in India, he must have a pan card. As per the section 139 a (5B), it is mandatory for banking institutions in India to quote pan number on TDS certificate. An NRI cannot do the trading by depository or broker if he/she does not have a pan card. As per SEBI (Securities and Exchange Board of India) guidelines, if an NRI want to own BO (beneficiary ownership) account of full power, so they can trade or transact in shares or equities in India. If an NRI is willing to buy land or property in India, he must have a valid pan card in India.
Tips for obtaining NRI PAN CardHere are some tips for an NRI willing to have pan card in India:One needs to download form 49A from UTITSL or Income tax India website and fill it as per the guidelines given in the website.
It is important to note that NRI must mention the address of his residence in foreign country and should not provide any home town address in India.
When one submits the form, he/she get acknowledgement of which can be easily printed.It is important to note that signature or thumb impression used in place of signature on the form must be attested by a gazetted officer with a signatory and also a seal.
One can easily check pan card status through incometaxindia.gov website.Documents required to be provided along with NRI PAN Card Application:-A photocopy of passport for identity proofAddress proof of current residence in foreign country such as copy of pass port or copy of local bank statement duly attested by the bank or
emura pfanne Scam aany other utility bill either apostille or attested by Indian consulate.
PAN number helps Indian taxation authorities to track the datarelated to financial status of a NRI's account for taxation purpose. There are also private agencies providing complete assistance to NRIS willing to have Indian pan card. They can easily communicate with the agency and it will execute the whole process on behalf of an NRI applicant. One can easily check of the pan card applied by the agency using the acknowledgement slip. These agencies facilitate NRIS to get Indian pan card without any hassle and within shortest span of time.
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