Is it compulsory for NRIs to have a PAN number?


The Permanent Account Number (PAN) is a revolution, started by the Income Tax Department, and spreading far and wide today. It has become an indispensable tool of the IT Department, in not only identifying the tax payers, but in a load of other means as well, some of the benefits of having a pan number are:

  • Paying tax / Filing tax returns
  • Operating DEMAT account
  • Depositing more than Rs.50, 000/- in the bank
  • Investing in the financial market and/or post office savings an amount exceeding Rs.50, 000/-
  • Sale or purchase of motor vehicles (excluding two wheelers)
  • Sale or purchase of immovable properties worth Rs.5 lakh or more
  • Applying for a new telephone connection (landline and cellular)
  • Paying Rs.25, 000/- or more against hotel/restaurant bills

Is it compulsory for NRIs to have a PAN number?

PAN acts as your personal ID proof and enables you to check if you have paid all the taxes till date. Many feel that having a PAN implies that you have to pay tax. While the converse of this is true, this is not. You have to file IT Returns, only when you have a taxable income, or are getting any such income.

Thanks to technology, applying for and getting a PAN has, today, literally become a child’s play. All you need to do is submit your details in ‘Form 49A’ of the IT Department to any of the PAN facilitation centers in your locality. This form may be a Xerox copy or downloaded.

You can also apply for PAN online by just visiting the either of the sites: www.PanCardOnline.com
www.nripan.com

UTIISL and NSDL are the two authorized agencies to accept applications and begin processing PAN.

Usually it takes about 2-3 weeks for your PAN to be delivered at your doorstep, however if you require the same urgently, you can opt for TATKAL PAN by paying the charges applicable through your credit card. The fees payable is only Rs.60/- plus service tax, presently @ 12.24 per cent, totaling Rs.67/-.

Where to apply for the Lost pan & for corrections in a PAN?

Incase you have lost your original pan card then a duplicated can be applied by going to:

http://www.pancardonline.com/duplicate.html

Also if the applicant wants to get some kind of pan correction or address change in his pan card then the same can be done by going online this site:

http://www.nripan.com/pan-correction.html

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