ABOUT NRI PAN Card
ABOUT NRI PAN CARD
Indian Income Tax Department has introduced Permanent Account Number (PAN) for Non - Resident Indians (NRI), Person of Indian Origin (PIO), Overseas Citizen of India (OCI) in order to facilitate easy retrieval of information and matching information relating to an assessee's investment in business, shares, mutual funds, properties, payment of taxes, raising of loans, assessment, tax demand, tax arrears etc.
The Permanent Account Number (PAN) issued to Non - Resident Indians (NRI), Person of Indian Origin (PIO), Overseas Citizen of India (OCI)is unique, national, and permanent.
As a universal identification key the PAN helps to monitor all financial transactions of high net worth individuals and thereby indirectly prevent tax evasion.
PAN Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it serves as an important ID proof.
From 1 January 2005 it has been made mandatory to quote the Permanent Account Number (PAN) on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to most financial transactions.
What is NRI PAN Card
Permanent Account Number (PAN) issued to Non - Resident Indians (NRI), Person of Indian Origin (PIO), Overseas Citizen of India (OCI) is a ten-digit alphanumeric number, issued in the form of a laminated tamper proof card, by the Income Tax Department of India.
The Permanent Account Number (PAN) is unique to an individual or entity and it is valid across India. Permanent Account Number once allotted to an individual or entity is unaffected by a change of name, address or other factors.
Meaning of NRI PAN card A typical NRI Permanent Account Number is would look like BQRPK8200S... The logic behind the array of numbers and alphabets is as follows:
First three characters i.e. "BQR" in the above PAN are alphabetic series running from AAA to ZZZ.
Fourth character i.e. "P" in the above PAN represents the status of the PAN holder.
"P" stands for Individual.
"F" stands for Firm.
"C" stands for Company.
"H" stands for HUF.
"A" stands for AOP.
"T" stands for TRUST etc.
Fifth character i.e. "K" in the above PAN represents first character of the PAN holder's last name/surname.
Next four characters i.e. "8200" in the above PAN are sequential number running from 0001 to 9999.
Last character i.e. "S" in the above PAN is an alphabetic check digit.
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