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NRI PAN Card is now
necessary
as per the new Government rules! |
Important:
Having a PAN (Permanent Account Number) is now
compulsory for even non-residents as per the Income
Tax Department of India, if you wish to invest or
carry any sort of financial transaction in India.
There are not much benefits of possessing a PAN
number, as it is just a necessary rule laid by the
IT department; thus having it is a compulsion as it
must be quoted on all your financial transactions.
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Benefits/Advantages:
Its hard to explain advantages and disadvantages of
having a pan - permanent account number. However,
here are some benefits of having a PAN card:
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PAN number acts as an Identity proof, showing your
relation to India.
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Even if you don't file taxes in India, you should
still have a pan card.
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Sale or purchase of immovable property valued at
Rs 500,000 or more. If there are co-owners (buyer
or seller), the PAN of both the owners will have
to be mentioned. If a nominee holds the property,
the PAN of the legal owner must be mentioned.
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A time deposit of more than Rs.50,000 with any
banking company and deposit of more than Rs.50,000
with post-office savings bank. This requirement is
not mandatory when investing in post-office
National Savings Certificate or Kisan Vikas Patra,
and the PAN will be required only if the time
deposit exceeds Rs.50,000.
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The PAN should be disclosed in the document
pertaining to purchase or sale of the property
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Sale or purchase of a motor vehicle requiring
registration other than two-wheelers. This does
not include vehicles running on fixed rails or
special vehicles for use only in factories or in
other enclosed premises or vehicles of less than
four wheels with engine capacity of not more than
25 cc.
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Contract of sale or purchase of securities
exceeding Rs.1 lakh in value, including shares,
bonds, debentures, derivatives, units and
government securities.
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Cash payment of Rs.50,000 or more for purchase of
bank drafts, pay orders or bankers cheques during
any one day.
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Cash payment exceeding Rs.25,000 in connection
with travel to any foreign country (fare or
purchase of foreign currency).
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Application for installation of telephone,
including cellular telephone.
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Payment to hotels and restaurants against bills
exceeding Rs.25,000 at any one time.
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Opening a bank, fixed, demat, trading account,
etc.
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Application for issue of a credit card.
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A cash deposit of Rs.50,000 or more with any bank
during any one day.
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Payment of Rs.50,000 or more to a mutual fund for
purchase of units or to a company for acquiring
its shares or to a company/institution for
acquiring its debentures/bonds or to RBI for
acquiring bonds.
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Minor intending to open time deposit or bank
account should quote the PAN of either father or
mother or guardian in whose hands income is likely
to be clubbed.
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and many more.
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Applying a PAN Card
is now simple & hassle free! |
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