PAN card for NRIs

vsvas

New Member
#1
Hi,

I had taken Peerless policy with a maturity of 10 years around 13 years back. I paid the premium for the first two years and then as I had to go abroad I could not pay the remaining payments. I have been living as an NRI for the past 11 years now. Now that my Peerless policy had passed the 10 year maturity period, I would like to claim the amount that I paid, which actually got appreciated over the last 13 years. When I submitted my application to Peerless, the authorities at Peerless want my PAN number.

As I said earlier, as I have been living as NRI abroad for the last 11 years, I do not have a PAN number.

In this regard, can some one let me know a) Does an NRI needs a PAN number, b) What re the advantages and disadvantages of having a PAN number, c) how can I get a PAN number and lastly is there any other easy and quick way of getting my appreciated investment from Peerless.

Your reply and suggestions will be appreciated.

Thanks & regards,
Srinivas
 

pkjha30

Well-Known Member
#2
Hi,

I had taken Peerless policy with a maturity of 10 years around 13 years back. I paid the premium for the first two years and then as I had to go abroad I could not pay the remaining payments. I have been living as an NRI for the past 11 years now. Now that my Peerless policy had passed the 10 year maturity period, I would like to claim the amount that I paid, which actually got appreciated over the last 13 years. When I submitted my application to Peerless, the authorities at Peerless want my PAN number.

As I said earlier, as I have been living as NRI abroad for the last 11 years, I do not have a PAN number.

In this regard, can some one let me know a) Does an NRI needs a PAN number, b) What re the advantages and disadvantages of having a PAN number, c) how can I get a PAN number and lastly is there any other easy and quick way of getting my appreciated investment from Peerless.

Your reply and suggestions will be appreciated.

Thanks & regards,
Srinivas
a) Every India, including NRI needs PAN card if you are tax payer or want any tax concessions, rebates avoidance of double taxation etc.Income below taxable limit, no need to worry about PAN card.

from FAQ
25. Who can apply on behalf of non-resident, minor, lunatic, idiot, and court of wards? :D

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.
b)Its a regulatory requirement.Quoting PAN card helps in many ways. But it also prevents hiding of unaccounted money.

2. Why Is It Necessary To Have PAN?

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.

{Section 139A (5) (a) and (b)}

It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank.

{Section 139A (5) (c) read with Rule 114B}
c)You can get it through your relative, or Lawyer acting on your behalf. Maximum one month time is needed. NSDL and UTISL is authorised agency to issue PAN card. You can go to Income tax of India Website to find out more. Someone in this forum had offered to help out NRIs for getting PAN card. You can search the forum.

Some links

http://www.incometaxindia.gov.in/PAN/Overview.asp
http://www.utitsl.co.in/utitsl/uti/newapp/newpanapplication.jsp
 

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