Full form of PAN is permanent account number!
This number is embossed and comes in a laminated card size (like a credit card), called the PANcard. It consists of your photo, Name, signature, and a 10 digit unique number that is allotted to you alone. A PAN is also known as a tax ID number because everyone in India who pays taxes has one of these numbers. The number is allotted to you by the Income Tax Department of India.
NRIs (Non Resident Indian), PIOs (Person of Indian Origin), and OCIs (Overseas Citizen of India) and International companies registered out of India with no offices here; all need a PAN number if they are going to invest or do business in the Indian market. This is a requirement put forth by SEBI & the Government of India.
This Permanent Account number, is yours forever and it should not change. Even if you misplace your PAN card and apply for a duplicate PAN card, your PAN should always remain the same.
If you are an NRI and you want to apply for a PAN card today, you have an option of doing it online and paying for it with a credit card. When you apply online, you usually have to wait around 25-30 days in order to receive it at your home address abroad.
You can start online through a broker like:
The IT Department now has a rule that if you are generating income in India and you do not have a PAN card; you will have to pay a fine. If you lose your PAN card, you can apply for a duplicate copy as long as you have a photo copy of your PAN card or any other proof that you have one. If you have a PAN card, you do NOT have to pay taxes as long as you are not generating any income in India. Even if you are living abroad and you have an income in India, you must apply for a PAN card and you must pay taxes on that income.
Do you need a PAN card?
Yes, you may need a PAN card if you are dealing with any finances in India. You need a PAN card for any of the following:
– Bank Accounts in India
– Buying and Selling Property
– Applying for a Loan
Getting a new one!
If you already have a PAN card, there is no need to renew it because it does not expire. If you received it while in India and now you are living abroad, you can apply for your NRI status to be updated with the PAN department’s database, but your PAN number will stay the same. There are also new plastic cards available if you want to upgrade.
Tracking your PAN card application status online…
There is now an easy tracking system online at the government’s website where you can go and track your status online. You just enter your coupon number and search and your tracking details will appear.
PANcardonline.com collects all of your documents at our office and then sends them to the PAN department in person where your PAN is allotted by the IT Department. Then, the card is delivered to NRIs at their address abroad.