Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals
  Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Why you need not rush to file your ITR immediately
 Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing

NRIs told to get PAN for trading
October, 28th 2006

The Securities and Exchange Board of India on Friday said it was withdrawing the limited purpose beneficiary owner account/ trading account facility for non-resident Indians (NRIs) and persons of Indian origin (PIO) without a permanent account number (PAN).

This follows the Directorate of Income Tax issuing guidelines facilitating Indian citizens residing outside India, foreign citizens and other persons (like companies, trusts or firms) having no office of their own in India, to obtain PAN based on the copy of their passport as ID proof and copy of passport/copy of bank account in the country of residence as address proof.

The NRIs/PIOs, who have already opened such BO accounts/trading accounts without PAN, shall be required to comply with the mandatory requirement of PAN on or before December 31, 06, failing which such accounts shall be made inoperable by the depository/depository participant/broker, the Sebi circular said.

Following representations from NRIs and PIOs, who were unable to obtain a PAN card for some reason but were holding physical securities which they wanted to sell, the Sebi had in July allow them to open a limited purpose BO account without PAN, subject to certain conditions specified therein.

In the last week of September, the same was also extended for trading in cash market for such NRIs/PIOs. Sebi has asked the depositories and stock exchanges to make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting