Income Tax Department issues the PAN card or the Permanent Account Number card, which is a laminated card with 10 digit alphanumeric number. A PAN card is not a must for the day to day life, but if you want to invest in share market, claim refunds on TDS etc., better have to posses a PAN card. If you have a PAN card; property deals, getting telephone connection, opening bank account, all becomes easy.
PAN card contains all the important facts regarding the PAN card holder. It has 10 digit ID number. Your name, date of birth, photograph, your father’s name and your signature also are engraved or embossed on it. According to the recent rules of SEBI, one without a PAN card cannot trade in shares, debenture or anything related to the depositary. So if you are an NRI and intend to invest in share market other similar financial sectors, make sure that you have a PAN card.
PAN card is mandatory for return of income and all correspondence related to income tax. All financial transactions related to Central Board of Direct Taxes also need PAN card.
Applying and getting a PAN card is not at all difficult. You can use your passport as residence proof and ID proof. You can apply and get PAN card through the internet also. They will notify the PAN card details by mail. Or else you can download the PAN card application form from the net, fill it up, attach the required documents and forward the application to the IT department through your relatives in India. The PAN card will reach your cited address within two months.
If you are applying from any of the ninety nine countries with foreign address delivery facility, you can apply online and send additional documents direct to the department. But, the possibility of the copy of the online application and attachments reaching the office of Income Taxes, within 15 days of applying online, will not be easy.
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