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Think of a PAN card like VIP access to the Indian financial market. Without one, you cannot carry out any financial transactions in India. A Permanent Account Number (PAN) is a mandatory document to conduct any financial transactions in India. The primary use of a PAN card is for taxation purposes; however, it is also necessary if you wish to invest in the Indian market, open a bank account, or purchase or sell property and other.
PAN Card for NRIs is a PAN issued specifically to NRIs to comply with tax regulations and to manage financial operations in India. This blog guide will break down every aspect related to NRI Pan Card, from the process to benefits, document checklist, and more.
A Non-resident Indian must have a PAN card if they engage in any of the following activities:
Type of PAN card needed, spending status of the NRI
However, the PAN card remains the same, but the form under which it is issued differs. For NRIs, Form 49A is required, while for foreign citizens or business entities, Form 49AA is necessary.
To obtain a PAN card, you must complete Form 49A. This form must be filed by both individual and non-individual entities in India, including new PAN for Indian citizens, nonresident Indians, entities incorporated in India, and any other unincorporated entity forms in India.
This form must be completed by any foreign resident who is paying taxes in India, specifically an Overseas Citizen of India (OCI), a Person of Indian Origin (PIO), and companies that are incorporated outside India but are also operating in India.
As an NRI, you must complete Form 49A or Form 49AA accurately to get a PAN Card. Keep the following points in mind when you apply for NRI PAN Card.
When filling out the form online, ensure that you provide two high-quality images, as they will be visible on your PAN card. And if you are filing offline, do not staple the picture over the form.
Use only your left thumb impression when filling out the form.
Now, when signing the form or placing your thumb impression, do it in such a way that your signature or thumb impression is partially on the photo and partially on the form as well. Lastly, please ensure that the signature or impression is placed on the left side of the form, not on the right.
This is a very integral part of your PAN filing, as an AO code indicates the tax jurisdiction under which you will fall. The complete full form of AO is Assessing Office. Now, the primary function of these codes is they inform the relevant authorities about which tax law applies to an individual.
You can obtain your Assessing Officer code for NRIs code and related information about it on the NSDL website, now known as Protean, at PAN centers, or the Income Tax office.
To apply for a PAN for NRIs or foreign nationals, please be prepared with the documents listed below to ensure a smooth process.
After the NRI has paid the fees and submitted the documents, it will take approximately 15 to 20 days to complete all the necessary steps successfully. The PAN Card will be delivered to the address mentioned in the application.
No, it isn't mandatory to file a PAN Card until you are willing to do any financial transaction in India. As an NRI, if you wish to engage in economic activities that involve filing your taxes, such as buying a property, operating bank accounts, investing in the Indian stock market, or more, you need to file a PAN Card mandatorily.
We at Savetaxs have expertise in helping NRIs manage their financial planning and taxes in India. Our team of CAs brings more than 30 years of experience to the table in handling NRI PAN Card issues.
We can help you with every PAN-related service, like
A PAN Card is more than just an ID in India, as mentioned earlier, it's your VIP access to the Indian financial and investment market. We at Savetaxs offer 24/7 assistance across all time zones, so don't let the distance hold you back from filing your NRI PAN Card online.
Speak to our experts and get personalized solutions for your NRI tax needs
View PlanExperts answer questions related to NRI business and entity setup, as well as other related topics.
Yes, Non-Resident of Indians (NRIs) can start a business in India. Not just NRIs, the government of India has also permitted foreign nationals to invest or start a business in India. This is done to attract foreign direct investment (FDI) into the Indian economy. FDIs are necessary for the economic growth of India. In compliance with the Foreign Exchange Management Act, 1999, and FEMA regulations, NRIs can establish their businesses in India.
Yes, Overseas Citizen of India (OCI) can start a business in India as they have the same rights as NRIs have regarding business ownership and operations. However, there are certain exceptions related to certain types of property or agricultural land. In a nutshell, OCIs can participate in partnerships or own a business and register a company in India.
The best bussiness structure entirely depends on what are the goals of the business and what type of domain the Non-Resident of India (NRI) want to deal in. However if you are still not sure about it you can quickly connect with the experts and the legal team of Savetaxs and they will help you with the best structure suitable for your business after understanding the needs, and goals of the business.
Yes, two or more NRIs can jointly register a company in India; however, there are certain companies whose ownership legally requires having a resident of India as well. According to the company type, one must comply with the guidelines set by the Foreign Direct Investment (FDI) policy, as well as those established by the Reserve Bank of India (RBI).
Once the company is registered, there are specific compliance requirements that must be adhered to to operate a legal business in India.
Firstly, you need to have a Permanent Account Number, which is essential for filing returns and conducting financial transactions on behalf of other businesses.
You then need to have GST registered for the company.
If your business plan includes employees and requires salary payments, you must also register for TDS.
Opening of a business bank account, which will be dedicated to managing your company's finances and transactions.
Lastly, you need to adhere to the policies set by FDI, FEMA, and RBI to run a successful business in India.
Our team of CAs and legal experts has over three decades of experience in helping Non-Resident of India (NRI) or foreign nationals set up a business in India.
From a private limited company to a limited liability partnership (LLP), one person company (OPC), partnership form, Liaison, branch, subsidiary offices, and public limited company, we help NRIs set up a business or entity according to their preference.
We also assist NRIs with custom business planning, business accounting services, legal compliance, registrations, taxation services, and obtaining all the necessary permits and licenses.
In brief, we offer a comprehensive package for establishing a successful business or entity in India for NRIs or foreign nationals.
Yes, post-incorporation, Sabetax will help you obtain key tax registrations, such as GST, and more. Apart from this, our experts will also assist you with other necessary compliances, such as opening a business bank account and ensuring everything aligns with FDI, FEMA, and RBI guidelines.
Yes, Savetaxs can help you with FDI and RBI-related compliances for NRIs, and not just that, we also help NRIs with Double Taxation Avoidance Agreements.
We have a team of legal experts with over 30 years of experience in setting up entities and businesses for NRIs and foreign nationals. They have a keen eye on every step to ensure everything happens legally.
Our happy customer base shows our excellence, justifying why NRIs and foreign nationals trust us with their business and entity set-up registrations.
