NRIs having a source of income in India or entering the following transactions need to mandatorily apply for a PAN Card with the Income Tax.
When Mandatory
- Sale/ Purchase of Motor Vehicle/ Vehicle other than two Wheeled Vehicles
- Opening an account with Bank/ Co-operative Bank
- Opening a Demat account with the Depository, Participant, or Custodian of securities
- Purchase of units of mutual funds exceeding Rs.50,000
- Acquisition of Debentures/ Bonds exceeding Rs.50,000 issued by the Company/ Institution
- Cash deposit in Bank/ Co-operative Bank exceeding Rs.50,000 in a single day
- A time deposit exceeding Rs.50,000 or aggregating to Rs. 5 lakh during a FY with Bank/ Cooperative bank, Post office, Nidhi company, NBFC
- Payment for Insurance premiums exceeding Rs.50,000
- A contract for Sale/ Purchase of securities (other than shares) for amount exceeding Rs. 1 lakh per transaction
- Sale/ Purchase of shares of unlisted Companies for an amount exceeding Rs.1 lakh per transaction
- Sale/ Purchase of any immovable property for an amount exceeding Rs.10 lakh
Documents required to be enclosed with the PAN application
- Proof of Identity: Copy of passport
- Proof of address (any of the following):
- Copy of passport
- Copy of bank account statement in the country of residence
- Copy of NRE bank account statement (showing atleast 2 transaction in last 6 months duly attested by the Indian Embassy/ consular office/ high commission or apostille or by the bank manager in which the account is held. The applicant may be a joint holder.
3. Two Passport-sized photograph
Online Application Form
Form 49A on UTIITSL
Other points: – A foreign address can be provided as residential and office address by NRI’s, if they do not have any Indian address.
Do’s and Don’ts while filling application
Do’s
- Application Form should be filed in Block letter with the Black pen
- Signature should be within the box and should not run on the photograph
- Name should exactly match with the proof of identity and proof of address
Don’ts
- Do not overwrite in the application form
- Do not write date or place underneath your signatures
