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Document required in getting a Pan Card

FORM 49AA — To be filled by foreign citizens who hold foreign citizenship

Along with these filled form, one has to attach a scanned copy of the following as Proof of Identity, Address, Date of Birth –

Passport, or Voter’s ID card

Person of Indian Origin (PIO) card issued by the Government of India,

Overseas Citizen of India (OCI) card issued by the Government of India

Non-resident external (NRE) bank account statement in India

Certificate of residence in India or residence permit issued by the state police authorities

Registration certificate issued by the Foreigner’s Registration Office showing Indian address

FORM 49A – To be filled by Indian citizenship holder

Along with these filled form, one has to attach a scanned copy of the following as Proof of Identity, Address, Date of Birth –

Passport, or Voter’s ID card

Person of Indian Origin (PIO) card issued by the Government of India,

Overseas Citizen of India (OCI) card issued by the Government of India

Non-resident external (NRE) bank account statement in India

Certificate of residence in India or residence permit issued by the state police authorities

Registration certificate issued by the Foreigner’s Registration Office showing Indian address

NRI PAN CARD

NON RESIDENT INDIANS

The Foreign Exchange Management Act (FEMA) lays down clear rules about the residential status and time period of an Indian citizen to distinguish between Residents Indian or Non-Residents Indian (NRI).

 

An individual is deemed an NRI if

  • He/she has lived in India for less than 120 days during the financial year.

The recent amendment in the Financial Bill 2020 states that the reduced period of 120 days (earlier it was 181 days) shall apply, where the total Indian income of a visiting individual during the financial year is more than Rs 15 lakh. Similarly, visiting NRIs whose total Indian income is up to Rs 15 lakh during the financial year will continue to remain NRIs if the stay does not exceed 181 days, like before.

Or

  • He/she has lived in India for less than 60 days of a year, in the previous year, and less than 365 days in the preceding four years.

If an individual satisfies any one of the above-stated conditions he/she will be deemed as an NRI.

 

NRI PAN CARD

A PAN Card is a ten character alphanumerical and a unique identifier issued by the Indian Income Tax Department. It is a government authorized and identifiable under the Indian Income Tax Act, 1961. It works functions in the same way for a non-resident Indian as it does for the resident of India.

An NRI must possess a PAN Card to facilitate any financial transaction or investment in India.

 

NRI PAN Cards are further differentiated into two broad categories

  1. One case is where the NRI holds the citizenship of India
  2. Another case is where the NRI is not an Indian citizen but holds a foreign citizenship.

Both the cases are different because they require different documentation which is discussed in length in the following paragraphs

 

NRI PAN CARD IS REQUIRED FOR FOLLOWING REASONS

  • A PAN Card is required by an NRI if the individual has taxable income India.

The following sources of incomes are subjected to NRI Income Tax:

  1. Salary received for services provided in India (Global Income)
  2. Capital gains earned against the transfer of assets primarily located in India
  3. Rental income from property/assets owned in India
  4. Revenue from Fixed Deposits in India
  5. Interest on Bank Savings Accounts opened in India

Holding a PAN Card does not make an NRI liable to file Income tax returns. If the individual has incurred any taxable income in India then he/she is responsible to file an income tax return.

 

  • A PAN Card is required by an NRI if the individual wants to open or operate NRE and NRO account in India

NRE ACCOUNTS

  1. NRE Accounts are Non-Resident External Accounts
  2. An NRI can transfer/park his foreign earnings in this account in India.
  3. The interest earned on this account tax-free
  4. It can be opened in the name of two NRI’s
  5. The amount is deposited in foreign currency but is withdrawn in Indian currency
  6. Can be repatriating

NRO ACCOUNTS

  1. NRO Accounts are Non-Resident Ordinary Account.
  2. An NRI can manage his income earned in India through this account
  3. The interest earned on this account is taxable.
  4. It can be opened by an NRI along with an Indian citizen or another NRI
  5. The amount deposited in the account can be in both foreign as well as Indian currency but will be withdrawn in Indian currency.
  6. Can be repatriating

 

  • SEBI has declared in its new guidelines that it is mandatory to have a PAN Card to trade in shares and securities

In case of any transfer of shares by the Non-Resident India, the PAN of the transferor and the transferee is required. Non- Commercial transactions can be eligible for PAN Relaxations  i.e. by way of gift to a resident Indian. Any sale made by an NRI to a resident Indian for consideration will require the PAN to be submitted.

 

  • It is mandatory to hold a PAN Card to invest in mutual funds

There are primarily two requirements for NRIs to start investing in Mutual Funds in India: PAN Card and rupee- designated NRO or NRE bank account.  It is also required to do KYC process. Even if you have previously done a KYC process as a resident of India, you need to apply for a new KYC as NRI.

 

  • If an NRI wants to purchase some land in India it is mandatory to hold a PAN Card issued by the government of India.

As mentioned before for any financial transaction in India including the purchase of land one requires a PAN Card.

Applying for an NRI PAN card is free of cost. No fee is charged from the first 1000 Applications

A pan card usually arrives in 15-20 working days at the applicant’s mentioned address or you can request an ePAN Card.

 

How to get an NRI PAN Card

Applying for PAN is an easy process. Follow the below-mentioned process-

  1. Visit (add URL)
  2. Apply for PAN and fill the displayed form
  3. Fill accurate and credible information. Upload the required documents. The documents required are listed above.
  4. Chose the address where you want your PAN Card to be posted. An individual can always mention his/her foreign address of residence or office if they do not have any address of residence or office in India.
  5. Then you’ll be kept posted and updated on your activated mobile number and email-ID.

 

Penalty for holding more than one PAN card

Possessing more than one PAN Card can call for penalty A person cannot hold more than one PAN Card. A penalty of Rs. 10,000shall be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN. If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

FAQ

An individual is deemed an NRI if

  • He/she has lived in India for less than 120 days during the financial year.

The recent amendment in the Financial Bill 2020 states that the reduced period of 120 days (earlier it was 181 days) shall apply, where the total Indian income of a visiting individual during the financial year is more than Rs 15 lakh. Similarly, visiting NRIs whose total Indian income is up to Rs 15 lakh during the financial year will continue to remain NRIs if the stay does not exceed 181 days, like before.

Or

  • He/she has lived in India for less than 60 days of a year, in the previous year, and less than 365 days in the preceding four years.

If an individual satisfies any one of the above-stated conditions he/she will be deemed as an NRI.

  • Form 49A – to be filled by those NRI who hold Indian Citizenship

Form 49 AA- to be filled by those NRI who hold foreign citizenship.

  • Visit a online website
  • Fill the required form (either 49A or 49AA)
  • Upload the required scanned soft copy of the documents.
  • Visit a online website
  • Fill the required form (either 49A or 49AA)
  • Upload the required scanned soft copy of the documents.
  • An individual can always mentioned his/her foreign address of residence or office if they do not have any address of residence or office in India
  • A PAN Card is required by an NRI if the individual has taxable income India.
  • A PAN Card is required by an NRI if the individual wants to open or operate NRI account in India,
  • SEBI has declared in its new guidelines that it is mandatory to have a PAN Card to trade in shares and securities
  • It is mandatory to hold a PAN Card to invest in mutual funds
  • If an NRI wants to purchase some land in India it is mandatory to hold a PAN Card issued by the government of India.
  • FORM 49AAFORM 49Aand anyone of the following –
    • Copy of passport, or Voter’s ID card
    • Copy of Person of Indian Origin (PIO) card issued by the Government of India,
    • Copy of Overseas Citizen of India (OCI) card issued by the Government of India
    • Copy of non-resident external (NRE) bank account statement in India
    • Copy of certificate of residence in India or residence permit issued by the state police authorities
    • Copy of registration certificate issued by the Foreigner’s Registration Office showing Indian address
  • Applying for an NRI PAN card is free of cost. No fee is charged from the first 1000 Applications
  • E- pan card is a recently introduced the initiative of the Indian Income Tax Department. It will facilitate instant allotment of PAN for the first time taxpayer. It’s only been issued to individuals who do not hold a PAN number before. This measure was taken considering the increasing number of applications for PANs. It is mandatory to have Indian citizenship, an updated Adhar Card, and an active mobile number linked to Adhar card to enroll for ePAN.
  • No, it is not necessary for an NRI to file Income tax returns in India if he holds a PAN Card

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