PAN is a unique 10 digit alphanumeric identification code assigned by the Income Tax Department under the supervision of the Central Board of Direct Taxes to all taxpayers.
Having a valid PAN is mandatory for every person filing his/her tax returns and keeping track of financial transactions, thereby preventing tax evasion.
Non-Resident Indians (NRIs) might wonder why they have to get one when they live, earn and pay taxes outside of India. An NRI requires a PAN if he/she has taxable income in India / wants to open an NRO / NRE account, or wishes to trade in shares / wants to invest in mutual funds / wants to sell/purchase property in India.
An NRI can apply for a PAN card by filling in Form 49A (in case of Indian Citizenship), or Form 49AA (in case of foreign citizenship / OCI holders / PIOs).
Additional details on accessing the relevant application form and appropriately filling in and submitting required supporting documents are available on UTIITSL / NSDL websites. The application can be submitted either physically, or digitally through e-KYC & e-Sign.
The status of your application can be easily tracked using your acknowledgment number.
If you do not have an Indian address, a foreign address can be provided as a residential or office address by NRI applicants. Also, it is required that all female applicants provide the name of their father on the application irrespective of marital status.
Please note that it is not mandatory to file an income tax return on getting a PAN card. You are only liable to file an income tax return if you meet the conditions of Section 139. On applying for a physical PAN card, an e-PAN will be complimentary.
For any support on applying for a PAN card / revising the details on an existing PAN card, you can rely on GKM. Contact us on +91 98652 10422 / karthikeyan.auditor@gmail.com.
