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What is a Income Tax PAN & Why NRIs need a IT PAN Number?

PAN or Permanent Account Number is a ten-digit alphanumeric code generated by the India's 'Income Tax Department', that is required by anyone and everyone who wish to conduct any kind of financial transaction in India. Even those whose �financial transaction� is limited to paying income tax require it! PAN is required if you wish to enter the Indian Share Market. This is true for NRIs - Non Resident Indians living abroad too, who wish to make investment in India, buy property/house in India, open bank account, demat account, rent out a property etc.


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More on the Indian IT PAN Card...


Non-residents, be it Non Resident Indian (NRI), Person of Indian Origin (PIO) and/or Overseas Citizen of India (OCI), often have a doubt as to if they require PAN for entering the Market. Yes they do need a pan number if they wish to carry any investment or financial transaction in India. SEBI has made it mandatory for anyone and everyone wishing to enter the Indian Market to have a PAN. (It can be considered as a Indian number that can be compared to an SSN - Social Security Number that we have in the USA - United States of America.)

To make it simple let us explain what a pan is once again: As the name suggests, PAN is a Permanent Account Number, and does not change in your lifetime. It remains the same irrespective of any change in your contact details etc. You can have only one PAN Card and you can apply for a duplicate one if you lose it. But even then your number remains the same.

Non-residents today can apply for a PAN Card and make the required payment online. It generally takes 20-30 days for a PAN Card to be made for non-residents. Please remember that if you DO NOT have a PAN, you are liable to pay a fine of Rs.10000 as per the Income Tax (IT) Department�s rules.

You now also apply for a duplicate pan card incase you have lost your old pan. You can obtain a new pan card with the same old pan number. Also, while its true that only those who generate income out of India have to pay back to the Government in the form of taxes, it is advisable that non-residents too pay taxes. This shows the credibility of the client. Thus, it�s a must for all you non-residents to have a PAN. You may apply for a PAN through any PAN Assistance Brokers or your representative who could get a PAN Card made for you by visiting any such help centre established by the IT Department.
 
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Use of this website constitutes your acceptance, that you have gone through the Disclaimer mentioned in it.

Disclaimer: This is not a government website, nor our we a government body. We are private agents assisting
non resident Indians, person of India origin & overseas citizens of India to get a PAN Card from India for monetary benefits.
Our role is to provide PAN related information to Indians living around the world: like where they can download the PAN forms
and how to fill up the PAN applications, and later assist them in applying a PAN Card. Please read the detailed disclaimer.