This article is based on PAN card and how can NRIs apply for it. We have jotted down some of the most commonly asked questions and have tried to give the best possible answer.
What is a PAN card?
- Permanent account number is a 10-digit identifier which is issued in the form of a PAN card.
- It is a card which gives a universal identification to all monetary transactions.
- PAN card also acts as a mandatory document while filling the tax returns or any other activity related to the Income Tax Department.
- It is now compulsory to hold a Pan card if you want to open a new bank account, add a new telephonic connection, buy a new mobile phone, want to deposit more than 50,000 in your bank account or want to purchase foreign currency etc.
Is it important for an NRI to have a PAN card?
It is not mandatory for an NRI to have a PAN card unless have a source of income in India. The income could be in any form (rent, investments etc). It is generally advised that NRI’s have a PAN card because of the following reasons
- Pan card will help you simplify the payment of the tax.
- If an NRI wants to purchase a property or motor vehicles in India, it is essential for them to hold a pan card.
- NRIs can only invest into securities or mutual funds if they have a PAN card.
- The KYC procedure is simplified if you hold a pan card.
How to apply for a New PAN card?
It is important to note that one should apply for a new PAN card only when the applicant has never applied for it before.
Below mentioned is the procedure of applying for a new NRI pan card:
- You have to fill an online application if you wish to issue a new PAN card. (https://services.india.gov.in/service/detail/apply-online-for-new-pan-card-or-corrections-in-pan-card-information -the official government website)
- The documents are as follows:
Two passport size photographs of the applicant.
ID Proof (passport).
An overseas bank statement.
Proof of Date of Birth
- The document should be signed by the applicant and also should be self attest before they are uploaded with the application form.
What is the fees structure of the NRI pan card?
A fee of Rs.989 would be charged if you are applying from overseas address.
Where and when will a new PAN card be delivered?
The new NRI pan card would be delivered within 15 to 20 days to the address (within the country/overseas) indicated by the applicant in the application form.