Do you need to get a PAN card if you are an NRI? Is there a way you can get a PAN card without going to India? What procedures you should follow to obtain a PAN? If these questions have been playing on your mind lately, read on to find out more about PAN for NRIs.
The equivalent of your social security number or an essential to invest in the Indian capital market, a PAN is an important account you must have.
So what is a PAN? Your PAN or Permanent Account Number is a 10 digit alpha-numeric number issued by an assessing officer of the Income Tax Department. Most NRIs don’t have a PAN but it’s advisable to obtain one so you can furnish it when necessary. You will need your PAN for property deals, opening bank accounts, demat accounts, investing in Indian markets, sale of property, claiming refunds on TDS, and also to get a telephone connection in India.
Get your PAN for an easy Indian investment experience!
A recent SEBI order states that investors without a PAN cannot trade by the depository, depository participant, or a broker. So if you’re keen on investing in India, make sure you have your PAN.
Here’s what your PAN card contains:
* A unique 10 digit alpha-numeric number
* Your name
* Your photograph
* Your date of birth
* Your father’s name
* Your signature
You can apply for your PAN card based on your passport as proof of identity and residence. Today you can get your PAN card with a simple click of your mouse. That’s right, you don’t even have to make a trip to India to apply for PAN!
You can easily download the PAN form from the internet, fill it up, attach the supporting documents, and send it to your relatives/friends back in India who can forward it to the IT Department. Your PAN card will be delivered to your address within 2 months. If you are in one of the 99 countries for which foreign delivery addresses are accepted then you can apply online and send documents direct to the department. But this printed form and documents must reach them in 15 days of online submission, which may be a challenge!
Have you got your PAN card? How did it benefit you? Was the process of applying and getting your PAN simple and hassle free? Share your experiences with us, right here.
