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Q1.
What is PAN?
Ans. Permanent Account Number (PAN) is a ten-digit alphanumeric
identifier, issued by the Income Tax Department of India. Each assessee,
for example: individual, firm, company etc, is issued a unique PAN.
Q2.
Who must apply for PAN?
Ans. All existing assessees or taxpayers or persons who are
required to file a return of income in India, even on behalf of others,
must possess a PAN. Besides this, any person, who intends to enter into
economic or financial transactions where quoting PAN is mandatory, must
also have a PAN.
Q3.
Is it compulsory to quote PAN on 'return of income'?
Ans. Yes, it is totally compulsory to mention your PAN Number on
return of income. (a PAN Card be considered as an Indian Number for
taxation purposes).
Q4.
Do I need to apply for a new PAN when I move from one city to another?
Ans. No, you need not apply for a new Pan Card. Permanent Account
Number (PAN), is a permanent number and does not change with the change
of address in status.
Q5.
Can I get or use more than one PAN?
Ans. Obtaining/possessing more than one PAN is against the law
and for this you may be penalized upto Rs.10,000. Therefore it is
advisable not to have more than one PAN. If by any chance you have
obtained more than one PAN, then you should quickly surrender the unused
PAN to the income tax department of India. You can apply for a duplicate
or replacement pan card just incase you have lost or misplaced the old
pan card. This duplicate pan would bear the same old permanent account
number.
Q6.
What documents should I submit along with the Pan Card Number
application form?
Ans. You are requested to submit the following documents with the
application form - 49A:
a. Proof of identity (POI)
b. Proof of address (POA)
Documents for both POI and POA depends on the citizenship and the status
of the applicant wanting to obtain a PAN. Please write into us for more
specific answers, using the form on the right.
Q7.
Do NRIs - Non Resident Indians, PIOs - Person of India Origin, OCIs -
Overseas citizenship holders of India need to have a PAN Card.
Ans. Yes, if NRIs - PIOs or OCIs intend to invest in India, then
they have to mention their PAN in related financial or investment
documents. For this very reason it is advised to non resident Indians to
acquire their PAN from India without any delay.
Q8.
What documents should an NRI submit to obtain a PAN card from India
Online?
a. Copy of
the passport as Identity proof.
b. Copy of
Address proof: utility bill, driving license, bank statements, etc.
(Click here for detailed
PAN Faqs for NRIs)
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