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MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:39 am
by LLLLWhenR2I
Link to original thread
http://groups.msn.com/R2INRIFinanceAndInvestments/banking.msnw?action=get_message&ID_Message=3089&ShowDelete=0&CDir=-2&all_topics=1 From: RedWing53 (Original Message)Sent: 12/20/2002 2:17 PM I have heard that for most financial transactions in India, you need a PAN number (basically a Tax Identification number). How easy/difficult is it to get ? How long does it take/ Consider a r2i case, where I might not have a Proof of residence or any other documents in India (other than my passport?) RedWing
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:39 am
by LLLLWhenR2I
From: 
Nagaraj-LakecitySent: 12/22/2002 6:21 AM
Getting a PAN may be tedious process unless you probably you bribe. I had applied for PAN 5 Years ago before NRI and now R2I. I still have not got it and I have re-applied few months ago in Bangalore and still waiting for it.
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:40 am
by LLLLWhenR2I
From: RAJESHSent: 12/22/2002 11:55 PM
Dear RedWing.
1. A PAN (Permanent Account Number) is required to be obtained by a person whose total income exceeds the basic limits of tax exemption i.e. Rs. 50,000/-,in India.
2. Hence, if your taxable income is likely to exceed 50,000/- you are required to apply for PAN.(Section 139A of the Income Tax Act, 1961).
3. In my view, an NRI who does not have taxable income in India may not apply for PAN.
4. It is not very difficult to obtain a PAN and does not take long time.
5. As a returning NRI, you can give the address at which you are residing temporarily or give address of a relative with whom you are staying for the time being.
6. Because, the form requires a residential address and the PAN Card is delivered to the address mentioned in the application form.
Best wishes,
RAJESH H DHRUVA
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:40 am
by LLLLWhenR2I
From: RedWing53Sent: 12/25/2002 8:53 AM
Rajesh
Thanks.. My main concern was that they would need some kind of proof of residence etc (e.g. Drivers License, Ration Card, Lease Agreement etc)..
Also, is it needed to open bank accounts (with balance > 50,000 Rs) ?
RedWing
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:40 am
by LLLLWhenR2I
From: RAJESHSent: 1/1/2003 5:20 AM
Dear RedWing,
Good wishes and wish you and all a very happy new year.
1. A PAN (Permanent Account Number) is required only if you cash deposit exceeds an amount of INR 50,000/- (50K).
2. Yes, your concern is right but as a matter of fact in most of the cases no proof of residence is required to be submitted.
.02 Furthermore, if you give a careof address, logically the proof of residence will be the one of your friend and / or relative whose c/o address is mentioned.
Best wishes,
RAJESH H DHRUVA
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:41 am
by LLLLWhenR2I
From: Desibabu19Sent: 11/3/2006 9:17 AM The Securities and Exchange Board of India (Sebi) today said Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can obtain the Income Tax Department?s Permanent Account Number (PAN), in a move to facilitate citizens residing outside India to conduct transactions on the Indian stock markets.
NRIs/PIOs can obtain PAN cards based on the copy of their passport as ID proof and copy of passport/copy of bank account in the country of residence as address proof, Sebi said, quoting a circular issued by the Central Board of Direct Taxes (CBDT).
Earlier, NRIs/PIOs were allowed to apply for PAN only if they have residential address in the country.
http://www.business-standard.com/common/storypage_c.php?leftnm=10&autono=263029
http://www.thehindubusinessline.com/2006/10/28/stories/2006102803451800.htm
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:42 am
by LLLLWhenR2I
From: mama101Sent: 11/6/2006 12:15 PM
Dear #3 and others,
My family members reqested their PAN cards this year and they all got it within a month or so. May be, our case was unusually fast or ur case is unusually slow.
Since, most Indians love to bash Indian govt. depts (which are inefficient and bloated, I admit), the implicit comparison to US govt. offices is not apt. To give you an example, it took me more than 1 year to get my CA driving license after surrendering my PA license. My labor certification is at the same stage as it was 4 yrs ago.
So, the point is - all govt offices are inefficient and babus don't want to work because they have enormous job security and therefore negligible accountibility in both India and USA. So, lets resist the cliched and tired statements of how Indian govt offices suck and US govt. offices are all great. They suck no matter where you go. Its basic human tendencies at play here
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:42 am
by LLLLWhenR2I
From: Venkat786Sent: 11/7/2006 10:28 PM
Now, you can apply pan online
https://tin.tin.nsdl.com/pan/index.html
it will only take 5 days !!!
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:43 am
by LLLLWhenR2I
From: gujjuSent: 11/8/2006 9:04 AM It says at the beginning of the application:
Online PAN application is not available for:
* Non-Residents and
* Government Organisations
So NRIs still have to mail in the application form. I did that just yesterday. The only thing is you can pay the fee (Rs. 67) online by credit card.
MT: PAN Number (India) questions
Posted: Fri Feb 02, 2007 6:43 am
by LLLLWhenR2I
From: DGV72Sent: 11/8/2006 2:18 PM Gujju,
Since you have recently filled in the application form, a question for you:
- Did you give your non-Indian address as home address ?