NRI PAN Card- What are the Documents Required and How to Apply for It

 

Is a PAN card required for a non-resident Indian?

Every person who is required to file an income tax return or who intends to engage in an economic or financial transaction in which the PAN must be quoted must have a PAN. The following transactions requires PAN:

• The purchase or sale of a motor vehicle or vehicle other than a two-wheeled vehicle.
• Opening an account with a banking company or a co-operative bank [other than a time deposit and a Basic Savings Bank Deposit Account referred to in point No. 7].
• Establishing a demat account with SEBI with a depository, participant, securities custodian, or any other person.
• Amounts in excess of Rs. 50,000 paid to a Mutual Fund for the purchase of its units
• Payment of more than Rs. 50,000 to a company or institution for the purchase of debentures or bonds issued by that company or institution.
• A time deposit of more than Rs. 50,000 or more than Rs. 5 lakh made during a fiscal year with a banking company or a co-operative bank; a Post Office; a Nidhi as defined in Section 406 of the Companies Act, 2013; or a non-banking financial company holding a certificate of registration under Section 45-IA of the Reserve Bank of India Act, 1934 to hold or accept public deposits.
• Payment of more than Rs. 50,000 in life insurance premiums to an insurer in a fiscal year
• A contract to sell or buy securities (other than shares) for more than Rs. 1 lakh per transaction.
• Any transaction in which a person sells or buys shares in a company that is not listed on a recognised stock exchange for more than Rs. 1 lakh.
• The sale or purchase of any immovable property for more than Rs. 10 lakh, as determined by the stamp valuation authority mentioned in Section 50C of the Act.

Documents required

As proof of identity, NRIs must submit a copy of their passport (along with the PAN application form). He must also submit one of the following documents (along with the PAN application form) as proof of address:

• A copy of the passport
• A copy of the bank account statement in the country of residence
• A copy of the NRE bank account statement (showing at least two transactions in the last six months and duly attested by the Indian Embassy/Consular office/high commission or Apostille, or by the manager of the bank in which the account is held). The applicant could be a joint owner).

How to apply for PAN Card by NRI

• NRIs who are Indian citizens must complete Form 49A, while NRIs who have citizenship in another country must complete Form 49AA
• People with Indian citizenship who have settled in another country should use the Form 49A available to Indian citizens. NRIs with foreign citizenship, such as OCI holders or people of Indian origin with foreign citizenship, as well as foreigners who are not of Indian origin, must fill out Form 49AA.
• After completing and submitting the form online, a confirmation screen will appear. All of the information entered here can be checked and verified. If there are any changes, they can be made right there or submitted later. Following submission, you will receive an online acknowledgement receipt with a 15-digit number. Make at least one copy.
• Paste two recent passport-size photographs in the acknowledgement space.
• Sign in black ink or leave thumb impressions in the provided box. This should only be done in the provided box; otherwise, your application will be rejected.
• Attach all necessary documents to your application. Identification proof, such as an Aadhaar card, a driving licence, a voter ID card, address proof, two coloured photographs with a black or white background, a demand draught, and so on, are among the documents required.
• Copy of passport, copy of bank account statement in the resident country, copy of NRE bank account statement with at least two transactions in the last six months would all suffice as proof of address. The document must be properly attested.
• Using your acknowledgement number, you can easily track the status of your application.

Payment

The application fee for a PAN is determined by the applicant's communication address. The processing fee is Rs. 107 if the communication address is within India; Rs. 994 if the communication address is outside of India (Application fees + dispatch charges).