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PAN, or
a Permanent Account Number, is a ten-digit alphanumeric code
required by anyone and everyone involved in any financial
transaction. 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 Indian Citizens.
But 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. SEBI has made it mandatory for anyone and everyone wishing to
enter the Indian Market to have a PAN. 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
(I-T) 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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