PAN Card

PAN Card

PAN Card is a mandatory ID proof every Indian must have along with other documents. PAN card is essential to file a return and those who wish to carry out the financial transaction. Not only just Indian residents but NRIs, too, need to approach for the PAN card. This card helps in their business transactions in the country. The online PAN card application has made the process further easy for NRIs.

What is PAN Card?

Permanent Account Number, the abbreviation of PAN, is a vital ID proof issued by the Income Tax Department of India under the supervision of the Central Board of Direct Taxes (CBDT). The primary role of issuing this ID proof is to keep track of all the monetary transactions of high-net-worth individuals (HNWI).

Not only Indians but also NRI who are originally Indian citizens need to carry PAN card for the transaction and legal process.

Over the decades, the inflow of NRIs investing in India has taken a sudden spike. Similarly, NRIs have been migrating to different parts of the world in search of the job and other prospects. If you are an NRI and wish to participate in stocks and receive rent in the country, then you need to have a valid PAN card. However, you can apply for the PAN card through a process.

Documents required for NRI PAN Card-

Two recent passport-sized photographs

Copy of passport

Overseas address proof- a copy of overseas bank statement

NRIs with Indian citizenship need to apply for PAN card using Form 49A, while NRIs with citizenship of another country need to fill up Form 49AA. You can get these forms online by visiting the websites- UTIITSL and NSDL. On submitting the form, you will get an acknowledgment copy with a 15-digit number, which you need to send to the designated address along with other documents. Make sure all your documents are verified and are proper to avoid any rejection.

Points to remember while filing Form 49AA-

• AO Code is the International Taxation Directorate that is applicable.
• A different address can be filled in if the applicant does not have any Indian address. Additional courier charges are applicable in this case.

You need to be very specific when filling this form to ensure the authority does not reject your request.

The detail process of applying for NRI PAN Card online-

Visit the websites mentioned above

Read the instructions carefully to avoid any mistakes

At the bottom of the page, select the applicant type

You will get online for which you need to review and fill carefully

On filling the form, an option to review the information is already available.

If you have DSC signature, then add the same in the document as verified one

Once you review the documents and information posted, click on the Submit

You need to pay specific processing fees. If the communication address is within India, then the fee is Rs 107/-. If the address is outside India, then you will need to pay Rs 989/-. You can even spend the same online using net banking and other alternative options.

Process of PAN Card-

In general, the processing fees of the NRI PAN card is within 15 days. You will be notified about the same via mail or SMS.

If you need any assistance in applying for the NRI PAN card, then the best is to use online service. PAN Card online services are available, offering all the help.

Benefits of having a PAN for NRI-

The PAN simplifies the tax paying process within the guidelines

NRIs cannot invest in securities or mutual funds without having a valid PAN

Purchase the property or vehicles in Indian requires PAN

For depositing amount over a specific limit

Owning PAN simplifies the entire KYC process if opening an NRI account in banks