Permanent Account Number (PAN) is Mandatory for transacting in financial markets in India. It is the sole identification number for the purpose of tax payments and investments.

Non-resident individuals and organizations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax Department to all assesses and quoting of PAN is compulsory in all returns filed with the Income Tax department.


Benefits of a PAN card

A PAN Card is required for almost all transactions in India of which some are:

 •        Opening NRO bank account, investment in shares, mutual funds.

 

 •        Paying lowest rate taxes on all Indian income.

 

 •        Property deals - Purchase and sale of property in India.

 

 •        Making time deposits in a bank worth over Rs.50,000

 

 •        Purchase and payments of vehicles.

 

 •        Buying banker’s draft, pay orders and checks also require a PAN card.

 

 •        You may also produce the PAN card as a valid photo ID proof.

 

 •        You can obtain landline and cell phone connection.