PAN stands for Permanent Account Number (PAN) which is a ten-digit alphanumeric number, issued by the Income Tax Authority of India; in the form of a laminated card. It is mandatory to quote PAN on return of income & in all documents pertaining to financial & investment related transactions.
PAN is now compulsory for everyone including NRI, PIO & OCI. It serves as Indian ID proof & is mandatory plus its needed if one needs to to carry any kind of financial transaction, make investments in stocks, open Demat account, buy immovable property in India, open bank account, get loan, visa, passport or make foreign remittance, etc.
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The Indian Government announced in September 2002 the launch of Person of India Origin Card that allows visa free entry in India for Indian origin people living across the world. It also promises to give almost all the rights that are enjoyed by Non-Resident Indians (NRIs) including the purchase of non-agricultural land. 15 million people of Indian origin living abroad will benefit from the Card.
Fee for a PIO Card is USD $ 365.00 for an adult & for a child below the age of 18 years its USD $ 185.00.
Validity: 15 years from the date of issue.
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Learn how to apply for a PIO Card? (Click here)
Its hard to explain advantages and disadvantages of having a pan – permanent account number. However, here are some benefits of having a PAN card:
PAN number acts as an Identity proof, showing your relation to India.
Even if you don’t file taxes in India, you should still have a pan card.
Sale or purchase of immovable property valued at Rs 500,000 or more. If there are co-owners (buyer or seller), the PAN of both the owners will have to be mentioned. If a nominee holds the property, the PAN of the legal owner must be mentioned. The PAN should be disclosed in the document pertaining to purchase or sale of the property.
Sale or purchase of a motor vehicle requiring registration other than two-wheelers. This does not include vehicles running on fixed rails or special vehicles for use only in factories or in other enclosed premises or vehicles of less than four wheels with engine capacity of not more than 25 cc.
A time deposit of more than Rs.50,000 with any banking company and deposit of more than Rs.50,000 with post-office savings bank. This requirement is not mandatory when investing in post-office National Savings Certificate or Kisan Vikas Patra, and the PAN will be required only if the time deposit exceeds Rs.50,000.
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