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
 Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?
 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

Obtaining PAN gets easier for NRIs
October, 16th 2006

Obtaining a Permanent Account Number (PAN) for Indians living abroad, a foreign citizen, or a company, trust or firm not having an office in India has become easier. 
 
The income tax department has from this week clarified that it will no longer insist on details of a representative assessee while accepting PAN applications from the aforementioned categories. 
 
The tax department has issued a circular to the two designated PAN service providers UTI Technology Services Ltd and National Securities Depositories Ltd clarifying on the revised guidelines for allotment of PAN to these categories. 
 
There has been a demand to relax the requirement to submit details of the representative assessee for cases where the person does not have to either pay income tax or file tax returns. The department has now clarified that details of representative assessees will not be necessary in such cases. Individuals will only have to provide details of their passport, while the registration certificate attested by the Indian embassy in the country of the applicants origin will be required in case of companies, trusts or firms, a finance ministry official said. 
 
The clarification has been issued since quoting of PAN is now compulsory if one has to pay tax deducted at source (TDS), undertake any of the seven transactions like cash deposit exceeding Rs 10 lakh, credit card payment exceeding Rs 2 lakh, and RBI bonds exceeding Rs 5 lakh which are included under Annual Information Returns, or operate a demat account in India. 
 
Prior to April 2005, non-resident Indians were exempted from the requirement of quoting PAN in case of TDS under clause 3 of Section 139A. 
 
However, this exemption was later withdrawn, because of which any NRI liable to TDS has to compulsorily obtain a PAN. 
 
Officials said the two PAN issuing agencies had also been told to levy courier charges for PAN cards which had to be delivered abroad. 
 
The charges would be in addition to the PAN application fee of Rs 60 and the applicable service tax. 

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