PAN Registration Service Planning & Pricing for NRIs, OCIs, PIOs or Foreigners

Every person or entity who is required to file a income tax return (ITR) or intends to enter into an economic or financial transaction where quoting of PAN is mandatory must have a PAN.

List of transactions in which quoting of PAN is mandatory

1. Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles.
2. Opening an account [other than a time-deposit referred at point No. 7 and a Basic Savings Bank Deposit Account] with a banking company or a co-operative bank
3. Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI
4. Payment of an amount exceeding Rs. 50,000 to a Mutual Fund for purchase of its units
5. Payment of an amount exceeding Rs. 50,000 to a company or an institution for acquiring debentures or bonds issued by it.
6. Deposits of cash exceeding Rs. 50,000 during any one day with a banking company or a co-operative bank.
7. A time deposit of amount exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh during a financial year with -
• a banking company or a co-operative bank
• a Post Office;
• a Nidhi referred to in section 406 of the Companies Act, 2013 or
• a non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 to hold or accept deposit from public.
8. Payment of an amount aggregating to more than Rs. 50,000 in a financial year as life insurance premium to an insurer
9. A contract for sale or purchase of securities (other than shares) for amount exceeding Rs. 1 lakh per transaction
10. Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for amount exceeding Rs. 1 lakh per transaction.
11. Sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.

A non-resident Indian ('NRI') can apply for PAN by submitting the Form No. 49A along with the requisite documents and prescribed fees

In case the applicant is a foreigner (not holding Indian passport), one can apply for PAN by submitting the Form No. 49AA along with the requisite documents and prescribed fees

It's critical to provide correct documentation in this regard for a hassle free PAN allotment

NRI is required to submit the copy of passport (alongwith PAN application Form) as proof of identity. He is also required to submit any of the following documents (alongwith PAN application Form)as proof of address.

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

A foreign address can be provided as residential and office address by NRIs applicants, if they do not have any Indian address of their own.

Govt. processing fees for PAN application shall depend on the communication address provided. Fee for processing of PAN is Rs. 107 if the communication address is within India, and Rs. 994 (Application fees + Dispatch charges) if the communication address is outside India.

PAN card mistakes can be corrected by applying for "Changes or Correction in PAN Data". Application can be submitted in both Online and/or Offline mode.

A person or entity cannot hold more than one PAN at any time.

A penalty of Rs. 10,000 can be levied on possession of more than one PAN under section 272B of the Income Tax Act., 1961

If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s) with the local ayakar bhavan and get a receipt of such a transaction.

A penalty of Rs. 10,000 can be levied on possession of more than one PAN under section 272B of the Income Tax Act., 1961

In addition, below are few more instances where non-compliance may arise.

• Not obtaining PAN, even though he/she is liable to obtain PAN
• Knowingly quoting incorrect PAN number in any document in which PAN is to be quoted
• Intimating incorrect PAN to the person deducting or collecting tax