PAN stands for Permanent Account Number (PAN) which is a 10 digit alphanumeric number issued by the Income Tax Authority of India in the form of a laminated card. It’s compulsory to quote PAN in all financial & investment related plus tax related transactions carried in India & on return of income. It can be considered as a Indian TAX number, like a SSN in the U.S.A.
Due to the interest rates in India, many Indians that are living in the US and many other countries are investing money into India. The interest rates in India are 5% higher than in the US. Although many Indians are investing in India, there are some things that they must take care of before doing so. The first thing that you will need is a PAN card. PAN stands for Permanent Account Number. It is required, when investing as well as many other things, which all Indians can quote their PAN. I can let you know the procedure for obtaining a PAN card in this article itself.
You do not need to be in India to apply for a PAN card, you can do it just as easily from abroad. A PAN card is necessary for a lot of different things, but can also just be used as a form of Identification. A PAN card is necessary for NRIs, OCIs, and PIOs. Even foreign citizens with Indian origin can have a PAN card. To apply for a PAN card, you will need the application filled out, two passport size photos, address proof, the fees to submit your PAN card, and a passport copy. Bank statements are the easiest proof of address. Any other address proof should be apostilled of attested by the Indian embassy. The application for a PAN card is made very simple so that you can quickly fill it out.
There a many brokers who are appointed by the IT Department to submit your PAN card forms on behalf of you. Websites such as: nripan.com and pancardonline.com are brokers willing to help you obtain a PAN from abroad. This will require you to mail or courier these documents to them. A courier is recommended because then you can track your important documents. Usually an applicant will receive their PAN cards by a speedy post mailed by the PAN department. This takes about 15 business days.
Again, a PAN card is used for a variety of things.
·Shopping for high priced items
·Filing for your income tax returns
·Investing in India – To trade shares, buy mutual funds, insurance, apply for loans, open demat account, etc.
·Real estate and the buying and selling of property in India
·And many more things
It is always better to obtain your PAN card sooner than later because the process for obtaining them might get more and more difficult or more expensive. It can be a very simple process, just contact one of the brokers I have mentioned above and get started. These brokers and extremely friendly, prompt with their responses, and get the job done in a very timely manner.