NRI Pan Card – Why is it Mandatory

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NRI Pan Card – Why is it Mandatory
Words: 314 | Date: Mon, 9 Aug 2010

NRI pan cards have been made compulsory for all kinds of investment and other financial transactions in India. You must quote this number for all your banking transactions. It is indispensable to file your tax returns, which is a known fact. This is an important proof of your nationality and is required to prove that you are an Indian. Creation of demat account, opening a new bank account, buying real estate, applying for a loan, passport or visa, foreign remittance and to collect rental income.

You must apply for one, from the Income tax authority of India. If you are an NRI with no pan card you must apply for one, from the Income tax authority of India. You can apply for an Indian Pan card from overseas through an online application form. If you have any tax queries to make, there are advisors to help you. Get in touch with them online. This is the only way you can prove that you are paying taxes on your income earned. If you are an NRI interested in making investments, then you must have a Permanent account number. Seek assistance from the bank advisors to apply for a card or your tax payments. There is an online application with simple guidelines on how to fill it.

In a nutshell it is mandatory to have it for:
Investing in India
Financial transactions
Applying for a loan
Investing in real estate
Opening a demat account
Opening a new bank account
Foreign remittance and
Applying for a passport or visa

An NRI tax advisor who is going to assist you is a Noted Chartered accountant. Have no apprehensions in seeking for help. Get a permanent account number for all your essential banking transactions from overseas. Go through the simple, step by step procedure online.
Kirthy Shetty, Expert Author.
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