Permanent Account Number (PAN) is a unique, ten-digit alphanumeric identity issued by the Income Tax Department to all tax-paying individuals and organizations in India.
PAN facilitates instrumental financial transactions such as tax payments,entering certain financial contracts, making larger cash deposits, applying for credit/debit cards, filing I-T returns, among others.
It also serves as a government-verified proof of identity.
When and why would an NRI require PAN card?
A non-residential Indian would have to apply for PAN card in India, if they earn taxable income in India, or desire to invest/trade in shares and mutual funds in India, or decide to buy some land or property in India, for purpose other than trading.
Here’s how NRIs can apply for PAN in India :-
Attach necessary documents, viz. an identity proof (DL/Aadhaar card/Voter ID card etc.), an address proof (Passport/Bank account statement etc.), 2 recent passport-size photographs, and the demand draft (if it is the preferred payment mode)….Read More>>>