Saturday, 22 November 2014

Why PAN card is mandatory for NRI people

PAN (Permanent Account Number) is a card issued by Income Tax department with the support of Central Board for Direct Taxes. PAN is must for all high value transaction and it is consists of unique 10 digit cipher code with the combination of alphabets and numerals. PAN includes with important factors such as name, age, date of birth, fathers name, signature and Photo of the candidate. NRI (Non Resident Indians), for NRI people it is necessary to have nri pan card as per the Indian Act for Tax Exemption Certificate under section 197.

 PAN is the personal id proof of every individual and it is also act as a NIN (National Identification Number). PAN plays a vital role in various parts like property deals, bank accounts opening, Claiming refunds on TDS (Tax Deducted Source) and also to get a telephone connection in India. It made easy for the I-T department to track all high value transactions, additional it holds with all relevant details of the financial transaction which includes property selling, buying, and Bank account opening and so on.

 Why PAN card is mandatory for NRI people? Most NRIs don't have a PAN but it's advisable to get PAN because it is the most required ID proof for all the NRI people when they look for Home loan, financial loan or investments plans such as nri online trading to preserve tax. As per SEBI recent rules, one must require a PAN card to trade in shares, commodities or anything appropriate to the depositary. Are you a NRI and intend to invest in share market other similar financial sectors? Then you must have a PAN card for nri with you. If you are an OCI or PIO appropriate pan cards such as OCI pan card or pio pan card will be required. PAN number is not required for one while opening a new account in any banks (Applicable throughout the India). But it is compulsory to have PAN while transferring huge amount to someone.

 PAN not alone helps you in getting home loans, person loans, but also helps you when you trying to get any fixed assert. Here the documents act as the proof of transferring the properties which includes PAN number of the seller and buyer. In the absence of original documents, the seller must approach a lawyer who would help him to get the certificate to prove that he/she is the rightful owner of the property.

 India is a country of entrepreneurs, who believe in working hard even in difficult business environment. Therefore get your PAN for an easy Indian investment experience. 

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