Pan Number

C

chucky

New Member
#1
#1
Hello everyone

Im an indian living overseas and have never had a Pan. I have last year made a fixed term deposit in a bank in india. Do I need to have a Pan as the manager of that bank insist that I have one? thanks
 
T

Tdarer

Member
#2
#2
chucky said:
Hello everyone

Im an indian living overseas and have never had a Pan. I have last year made a fixed term deposit in a bank in india. Do I need to have a Pan as the manager of that bank insist that I have one? thanks
Click to expand...
Interest received on fixed deposit comes under the 'other income' category and income generated in india will be taxable in india. And for paying taxes in india, you need to have your PAN. Probably, that's why he is insisting on having your PAN.

Section 160 of IT Act, 1961 provides that a non-resident, a minor, lunatic, idiot, and court of wards and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
Click to expand...
Refer to http://www.incometaxindia.gov.in/PAN/Overview.asp for PAN application.

Hope that helps.
 
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