WHAT is PAN Card

More detail about IT PAN number: It is called the Permanent Account Number, an alphanumeric number containing 10 digits. You get it in the form of a PANCard, a laminated card with your picture and basic information. It looks more like an India ID card and can be used as an Identity proof issued by the government. Is the Permanent Account Number compulsory for NRIs? These days the Tax Department of India has made it compulsory to provide your PAN while paying taxes, opening a bank account, investing, buying a home and everything else where money is involved. What does a PAN Card contain? The PAN card states all of your basic information on it including: your PAN, your name, your birth date, your father's name, and your signature. In case of a company pan card it includes the India tax number, name of the company and the date of your company formation or incorporation. Is PAN Compulsory? With effect from April 1st, 2007, it's now compulsory for NRIs & Foreign Passport holders toquote PAN on all kinds of financial/investment related transactions in India. Eg: to buy property, open demat/bank account, send money to India, invest in India, etc. Do I have to Pay Taxes if I apply for a PAN Number? You PAY taxes only if you generate income from India. But, it is always advised to 'file ZERO taxes' even though you are not making any money in India, as it enhances your credit history and credibility.  What if I don't have a PAN number? Non-residents today can apply for a PAN Card and make the required payment online. It generally takes 20-30 days for a PAN Card to be made for non-residents. Please remember that if you DO NOT have a PAN, you are liable to pay a fine of Rs.10000 as per the Income Tax (IT) Department's rules. Be it a Non Resident Indian (NRI), Person of Indian Origin (PIO) and/or Overseas Citizen of India (OCI), often have a doubt as to if they require PAN for entering the Market. Yes they do need a pan number if they wish to carry any investment or financial transaction in India. SEBI has made it mandatory for anyone and everyone wishing to enter the Indian Market to have a PAN. (It can be considered as a Indian number that can be compared to an SSN - Social Security Number that we have in the USA - United States of America.) To make it simple let us explain what a pan is once again: As the name suggests, PAN is a Permanent Account Number, and does not change in your lifetime. It remains the same irrespective of any change in your contact details etc. You can have only one PAN Card and you can apply for a duplicate one if you lose it. But even then your number remains the same. You now also apply for a duplicate pan card incase you have lost your old pan. You can obtain a new pan card with the same old pan number. Also, while its true that only those who generate income out of India have to pay back to the Government in the form of taxes, it is advisable that non-residents too pay taxes. This shows the credibility of the client. Thus, it's a must for all you non-residents to have a PAN. You may apply for a PAN through any PAN Assistance Broker or representative like us who could get a PAN Card made for you by visiting any such help centre established by the IT Department.