What is a PAN Card?
It is a laminated card issued by the Indian Income Tax Department, that can be considered as an ID bearing a unique 10 digit alpha numeric permanent account number also known as PAN; which is now mandatory for Non resident & international organizations if they wish to carry any kind of financial transaction in India.
Is it compulsory for a NRI?
With effect from April 1st, 2007, it is compulsory for NRIs, Foreign citizens & international firms.
Apply for new Permanent Account Number (PAN) to Income Tax Department through an online Form 49A. Details about procedure of applying for PAN online, documents required, processing fee, category of applicant and application form are also available.
Permanent Account Number (PAN) Card is a photo Identity Card that carries 10 digits alphanumeric Unique Number for every card holder. It is issued by Ministry of Finance (Government of India) and it can be used as Photo Identity for opening Bank Account, during travel in train with e-ticket and other purposes also.
PAN is mandatory for the following activities:
- Filing of Income Tax (IT) return
- Opening Demat Account to buy and sell Shares
- Withdrawing or deposit or amount transfer of Rs 50,000 or more from one Bank account to another
- For refund of income tax
- Any individual, firm, joint venture can apply for PAN Card. For this, there is no minimum and maximum age limit.
Required documents to apply for PAN
- Good quality passport size colour photo
- Demand draft/ Cheque of amount Rs.105 as fee
- Xerox copy of proof of identity
- Xerox copy of proof of address
Attach any one document from each of following lists as proof of identity and for address proof.