As the leading London based NRI law and following demand from clients we have commenced offering a PAN card for NRI. Already the number one law firm in the UK for handling OCI/PIO application we have has added the PAN card and OCI visa service as further evidence of why we are the market leader in NRI services.
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 and quoting of PAN is compulsory in all returns filed with the IT department.
The PAN number is issued in the form of a laminated card and is issued by the Income Tax Department and a PAN card, which is valid for a lifetime, 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.
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 vehicles
Securities 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