A Permanent account number card is a card given by the IT Department in India. PAN Number stands for Permanent Account Number. A PAN card has made it much easier for the Income Tax Department to keep track of the people’s tax related transactions and other things as well. It can work as a personal ID for the person also. A PAN number is 10 digits and it is alphanumerical. It is very unique and no two people will have the same PAN number.
What is a PAN?
I PANcard in India can be compared to a SSN in the US. They are very similar. You need to have a PAN number for financial transactions, taxes, investing, and many other things. For Indians living abroad, that want to invest in India, you all need a PAN card. Even though a PAN card comes from India, you do not have to be in India to obtain one. If you have a PAN enquiry then you write into one of the pan assistance providers (agents/brokers) like: www.PanCardOnline.com and you can get a pan application form and apply for a pan card online from anywhere in the world. Once you get one from them, then you can also track the status of your pan card too.
You can’t open a bank account in India without a PAN card. You do not have to be an Indian citizen to have a PAN card; you can also be a citizen of other countries. To obtain a PAN card, you just need to fill out a simple form, provide a few documents, the fee, and two passport size photos. The easiest way to provide address proof for getting a PAN card is to provide a bank statement. It has been made very simple to get a PAN card so that more people can get a PAN to invest in India.
Is it Necessary for NRIs to have a PAN Card Number?
It is now compulsory for all Indians to have a PAN number as per the IT department of India. Everyone wanting to invest in India now, must have a PAN number as well. As per the Indian Tax Department, it is now necessary to have a PAN number in order to file your taxes in India. You need it when filing for you tax returns, most kinds of investments, and other financial transactions. When investing, a PAN card is needed when you open a Demat Account, invest into stocks, purchase or sell shares, purchase or sell mutual funds, or investing in other assets in the market. Other reasons you need a PAN is to buy real estate, to open a bank account, to get a loan, getting a passport, getting a visa, and to receive money from abroad.
Is a NRI (Non Resident Indian) required to file taxes in India because he has a PAN card?
So far, it is not required for an Indian to file even if he holds a PAN card. You only need to file taxes if you have an Income generated in India. When you file taxes, it does not mean that you will always be paying taxes. If you don’t make any money in India, you can file zero taxes. When you do this, it makes you have better credit and it makes it simpler to get a loan.