All about NRI PAN Card
Without a PAN card, nothing works. Do they have any? You may be a successful Non-Resident Indian with a comfortable lifestyle on either side of the world, but what if you want to invest in mutual funds, equities, or real estate in your own country?
It necessitates the use of a PAN card. In order to make an investment or obtain rent in India, NRIs must have a PAN card.
Let’s have a look at this part to see how to get a PAN card for a non-resident alien.
What is a Non-Resident Indian PAN Card?
A PAN card, or Permanent Account Number card, is a ten-character alphanumeric identifier. An NRI can register for a PAN card by paying various fees on the official websites of UTIITSL or NSDL. This card is issued by the Indian Income Tax Department, as well as an individual can only have one PAN card.
Why do NRIs in India require a Pan Card?
An NRI is required to have a PAN card for a variety of reasons. The following are the reasons why an NRI needs a PAN card:
- They wish to invest in stocks.
- They wish to put their money into mutual funds.
- They have an income that is taxed in the nation
- They are looking to buy a house.
- If you are an NRI and fall into one of the conditions listed above, you will require a PAN card to complete the transaction. Even if this isn’t the case for you, having this card will come in handy if you ever want to do anything similar in India.
PAN Card Benefits for Non-Resident Indians
The following are some of the advantages of having an NRI PAN card.
- If an NRI earns taxable income in India, he or she must get a PAN card.
- To begin investing in mutual funds or securities, NRIs should have a PAN card.
- Throughout India, a PAN card is also required for purchasing real estate or cars.
- An NRI will need a PAN card if they want to deposit more than a specific amount.
- PAN helps banks and NBFCs streamline their KYC procedures.
Documents Required for an NRI PAN Card
To finish ones NRI PAN application, you must follow a simple procedure that contains submitting a list of documentations.
The following is a list of the documents necessary for an NRI PAN card:
- two passport-size pictures (latest)
- a certified copy of your passport
- Proof of your abroad address: a copy of your PIO or OCI card
- A printout of your bank reconciliation is required (overseas)
Fees for NRI PAN Cards
Keep in mind that the PAN card fees vary depending on the communication address you provide on the application form. The following are the costs that apply to PAN cards:
- When your communication address is in India, you will be charged a registration fee of Rs. 110 plus GST.
- If the communication address is outside of India, the NRI PAN card registration charge is Rs. 1020.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.