Every person entering a financial transaction in India is mandatorily required to have a Permanent Account Number. It is the sole identification number for the purpose of tax payments and investments. Here are some of the NRI PAN Requirements
An NRI PAN Card is required for almost all transactions of which some are:
- Paying taxes on Indian income under the Income Tax Act, 1961
- Investing in securities per the Securities and Exchange Board of India (SEBI)
- Investing in Mutual Fund schemes
- Opening a bank account under KYC (know your customer) norms
- Purchase and sale of property in India
- Purchase and payments of vehicles
- Making time deposits in a bank worth over Rs.50,000/-
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An applicant will have to fill in Form 49AA online and submit the form. This form can be filled online by visiting https://tin.tin.nsdl.com/pan/form49AA.html
The details regarding filling out the form, payment details along with the mailing address are outlined in detail on the website.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
