Is it mandatory for a NRI to have a PAN?
No, it is not mandatory for all NRIs to have a PAN, but those who have a source of income in India need to have a PAN in order to file their taxes. This income could be in the form of rent, dividends from shares, returns from mutual funds, etc. Other NRIs with no source of income in India need not have a PAN, although it is advisable to apply for a PAN and keep it handy for the future.
Benefits of PAN to NRIs
A PAN is a critical identifier in the country, serving a number of useful purposes, as mentioned below.
- A PAN simplifies the tax paying procedure, with it being mandatory for all taxpayers
- NRIs cannot invest in securities or mutual funds without a PAN
- Purchase of property or vehicles in India requires PAN
- Depositing amounts over a certain limit requires PAN
- Owning a PAN simplifies the KYC procedure in most banks
Time taken for a NRI to Receive the PAN
It could take a NRI about 15-20 days to receive the PAN after he/she NRI has successfully paid the fee and submitted all documents. The PAN will be delivered to the communication address mentioned in the application.
Price : $50.00