Pindoria Solicitors the leading London based NRI law firm has following demand from its clients has commenced offering client a PAN card service for NRI. Already the number one law firm in the UK for handling OCI/PIO application it has added the PAN card service as further evidence of its market lead among the UK’s NRIs.
Every Indian citizen entering a financial transaction in India is mandatorily required to have a Permanent Account Number. It is the sole identification number for the purpose of tax payments and investments.
Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department.
The PAN number comprises of ten alphanumeric characters and is issued in the form of a laminated card and is issued by the Income Tax Department. A PAN card is required for both resident as well as non-resident. In case of non-resident applicants, there are additional changes in the requirements for an application. A PAN card is valid for a lifetime.
Why apply for an NRI PAN Card?
An NRI PAN Card is required for almost all transactions of which some are: Paying taxes on Indian income under the Income Tax Act, 1961 Purchase and sale of property in India Investing in securities per the Securities and Exchange Board of India (SEBI)* Opening an account through the enhanced Know Your Customer ('KYC') procedure** Making time deposits in a bank worth over Rs.50,000 Purchase and payments of vehiclesSecurities and Exchange Board of India (SEBI) Circular dated April 27, 2007 for all transactions irrespective of the amount with effect from July 2, 2007
** For any investment or transaction equal to or more than Rs. 50,000/- under the Prevention of Money Laundering Act, 2002
