How to apply for Pan Card How to apply for Pan Card

A document that is directly linked with the financial transactions of an Individual is the Permanent Account Number (PAN), one of the most important documents at the present day issued by the Income tax Department. In order to prevent the tax evasion by the individuals and the entities this card is linked with all financial transactions made by a particular individual or entity. Mainly PAN Card is used for filling an ITR. It has (Permanent Account Number ) introduced by the Indian Income Tax Department for Non Resident Indians , Overseas Citizen of India and Person of Indian Origin in order to provide easy retrieval of information relating investment in business, properties, shares, raising of loans, mutual funds, payment of taxes, assessment, tax arrears, tax demand, etc. PAN is works as a universal identification key to help to monitor all financial transactions of high net worth individuals and indirectly prevent tax evasion. A Pan card is mandatory for an NRI in the following scenarios:

If an NRI occurs any taxable income in India.
If an NRI wants to trade in shares, through brokers or by the way of depository.
If an NRI wants to invest in Mutual Funds.
If an NRI are purchasing any property or land in India for purpose other than trading.

Procedure for applying a PAN card by an NRI.

Form: Non-Resident Indian who are Indian citizen have to apply for a PAN by filling a Form 49A, whereas NRI with citizenship of another country is required to fill up Form 49AA. But qualified financial investor should do it by depositary participant only. These forms can be filled, accessed and submitted online through the websites of NSDL and UTIITSL. After submitting the form, a receipt of acknowledgement with a 15 digit number will generate which needs to be sent to the given address along with all other documents.
Fees: If an NRI has provided the communication address is within India, then fees will be Rs 107, and if the address is outside India, the fee will be Rs 989, which includes all fees like application fees and dispatch charges. In case an NRI filled this form through online applications, the fees can be paid through credit/debit card or through net banking. Alternatively, a demand draft favouring NSDL/ UTIITSL can be dispatched, along with the all the documents and form.
Documents: These are the documents which are required to submit when applying for a PAN card:

Two photographs needs to be pasted in the space provided in the acknowledgment form. Also copy of a passport to be submitted as proof of identity.
Any of the following documents will serve as proof of address:
A copy of passport.
A copy of bank account statement of the resident country.
A copy of NRE bank account statement showing at least two transactions in last six months and which should be duly attested.

Process: The signed form with the necessary documents should reach the given address within 15-20 working days of the online application. If the payment is made through demand draft, the PAN card will issue on realization of the payment and dispatched to the communication address provided by the applicant.