What is a Indian PAN card?
PAN card is one of the most
essential documents which refers to a laminated card
issued by the Income Tax
Department of India, that contains
a PAN number. This
is a ten digit alphanumeric
number that is unique to every
individual. In addition, it
contains other vital information
like your photograph, name,
address etc. Now days it is
rather compulsory for one to
have a PAN, be it a resident or
a non-resident Indian.
NRIs,
Foreign Nationals & Companies:
Click here to apply online
today!
Why do you need it
and where all is it
used?
The Income Tax
Department of India
has issued the PAN
card in order to
track the financial
transaction of every
person. This is
necessary to
simplify the process
of imposing tax.
With this end in
view, it is
mandatory to quote
your PAN number in
ever financial
transaction.
Examples of some of
these transactions
are as follows:
You are required
to give the PAN
number if you are
buying or selling a
car.
PAN number is needed
when you buy or sell
immovable property.
It has to be quoted
while buying a
mobile phone or
getting a land line
connection.
PAN card is
necessary for any
travel related
expense exceeding Rs.
25000.00.
If you deposit an
amount exceeding Rs.
50000.00 in bank or
post office, the PAN
number has to be
quoted.
If you are NRI, even
then you will need
your PAN card in
order to carry out
any of the above
transactions in
India and also to
run a business.
What does the PAN card
contain?
The PAN card states
all of your basic
information on it
including: your PAN,
your name, your birth
date, your father's
name, and your
signature. In case of
a company pan card it
includes the India tax
number, name of the
company and the date
of your company
formation or
incorporation.
PAN - a unique ten-digit
alphanumeric combination
Name - Name of the PAN holder
Date of Birth - Date of birth of
the PAN holder
Father name - Father's name of
the PAN holder
Photograph placeholder - the
photograph of the PAN holder
Signature - The signature of the
PAN holder
Who is eligible to get a PAN?
Eligibility is not a question
here. Anyone can register for
one, excpet for certain citizens
of a few exempted countries.
In general, any person working in
India and required to show proof
of income should quote PAN.
Self-employed persons, or people
who run their own business and
whose sales exceed rupees five
lakh should quote the PAN.
Any person who wants to invest in
the country should have a PAN.
This is because investments
involve financial transactions,
and any financial transaction in
India requires the quoting of the
PAN.
Why is it compulsory for a NRI?
Yes
it is compulsory
for NRIs these days to provide your PAN
while paying taxes,
opening a bank
account, investing,
buying a home and
everything else where
money is involved.
With effect from April 1st, 2007,
it's now compulsory for NRIs & Foreign Passport holders to
quote PAN on all kinds of financial/investment related
transactions in India. Eg: to buy property, open demat/bank
account, send money to India, invest in India, etc. The tax
department has made it mandatory for
everyone
(including NRIs, PIOs & Companies) who wish to conduct any
type of investments and
financial transactions in
India.
Carrying business, filing or paying taxes, investing in
India, buying a property, opening a bank or demat account, etc.
Yes
it is compulsory
for NRIs these days to provide your PAN
while paying taxes,
opening a bank
account, investing,
buying a home and
everything else where
money is involved.
|