New PAN Forms for India’s Non-Residents
Nov. 2 – India’s Income Tax Department has initiated a separate permanent account number (PAN) application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
The new form – 49A – will assist the department in collecting information on non-Indian entities and individuals, like persons of Indian origin (PIOs), politically exposed persons (PEPs), persons linked to PEPs, and those involved in activities like gambling, gaming and lottery.
Previously, residents and non-residents were required to apply for a PAN on the same application form, but now the new PAN application form will have to be used by fresh applicants only. A PAN is needed by individuals as well as business entities for paying income tax and filing returns. In the new form, the applicants will have to tender all the information they are required to provide while complying with the know-your-customer (KYC) norms of the Securities and Exchange Board of India.
The existing PAN form will also be modified to comprise information that citizens are required to submit while applying for Aadhaar number under the Unique Identification Authority of India scheme.
Dezan Shira & Associates is a boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in India. For more information, please contact email@example.com, visit www.dezshira.com, or download the firm’s brochure here.
- Previous Article India Issues Exchange Rate Circular for Overseas Currencies
- Next Article Amendments in FDI Policy for India’s Pharma Sectors