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Who
are we?
We are brand of ni2 Financial, an investment firm assisting
global non resident Indians, PIOs & OCIs to get a PANcard from
India quickly. We are a broker/liaison assisting NRIs,Foreign passport holders & companies not registered
in India to apply for a new or duplicate PANcard from India.
We advise on how to apply, if needed assist you to verify PAN
number, find details or history of your old
PAN number. We have clients in U.S.A - United States
of America, Canada,
Australia, U.K, Singapore, UAE, Dubai, Saudi Arabia, etc.
Our goal is to assist the NRI community to apply for New as well
as get corrections or changes.
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What is a PAN Number?
It is a 10 alphanumeric number known as Permanent Account Number
(PAN) , issued in the form of a laminated card (PANCard) by the
Income Tax Department of India. The government has made PAN
mandatory to be quoted on the tax returns & all financial
correspondence that you carry in India.
(serves as an Indian ID proof too).
One of the most vital
documents that you need in India is the PAN card. It is a number
associated with the Income Tax department of the country. It can
simply be described as a ten digit alphanumeric code issued by
the tax department in a laminated form called the PAN card. When
you apply for a PAN number, the income tax department issues a
PANcard to you.
This laminated card bears certain vital information like your
name, father’s name, your date of birth, your PAN number, your
photograph and your signature. This number consist combination
of digits, alphabets, total numbering ten. Each of them has its
own significance.
For example, let us
consider a typical PAN number like APZPC7390K.
Here, the first three
alphabets (APZ) represent part of a series running from AAA to
ZZZ.
The fourth alphabet (P)
represents the characteristics of the applicant. This is as
follows:
P = Personal / Individual,
F = Firm,
C = Company,
H = HUF,
A = AOP,
T = Trust.
The next alphabet (C) represents the first letter of the surname
of the applicant.
The digits are taken from sequential numbers running from 0001
to 9999.
The last alphabet (K) is a check digit.
Why do NRIs, PIOs & Companies need a PAN Number from India?
It can
be considered as an Indian tax id which is now compulsory to be
mentioned if you carry any kind of financial/investment transactions
in India. Such transactions include: Doing business, buying real
estate, opening a bank or demat account, investing, getting invoices
paid overseas, etc.
Do I pay taxes in India if I get a PAN?
Having
an PAN no. doesn't mean that you have to pay taxes. You only pay tax
if you generate income from/in India. But, it is always recommended
to file 'ZERO' taxes even if you don't have any tax liability; this
would boost your credibility & help you raise loans or commence
business, etc in the future.
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