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PAN Card in India (for NRIs in US)

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  • PAN Card in India (for NRIs in US)

    I am an NRI resident in the US. I have some land and house in India. To buy or sell land, and to operate bank/credit-card account in India, and to buy/sell stocks in India (including DEMAT), they ask for the PAN Card (personal account number).

    What are the implications of applying for PAN in India?

    If I apply for and get a PAN card, am I required to file income taxes in India (in addition to the US)?

  • #2
    Easy

    Easy, you apply for a PAN card on-line, pay on-line with a credit card and mail the documents to them.

    There is no implication of any kind and you're not obligated to pay any taxes unless you have taxable income in India.

    It will be in your benefit to have your PAN card.

    Also, if you do pay any taxes in India and show that income in US, then you don't have to pay those taxes again. India and US have a treaty that avoids you paying double taxes.

    Good luck.

    Comment


    • #3
      Originally posted by knowledgeable
      Easy, you apply for a PAN card on-line, pay on-line with a credit card and mail the documents to them.

      There is no implication of any kind and you're not obligated to pay any taxes unless you have taxable income in India.

      It will be in your benefit to have your PAN card.

      Also, if you do pay any taxes in India and show that income in US, then you don't have to pay those taxes again. India and US have a treaty that avoids you paying double taxes.

      Good luck.
      Thanks, Knowledgeable!

      My brother is a US Citizen (of Indian origin). He has some outstanding shares/stocks in firms he bought when he was in India some years back. To DEMAT them, they are asking for PAN.

      Can US citizen (of Indian origin) apply for PAN?

      Is it for a US citizen (a former Indian citizen) legal to continue holding shares in India?

      Thank you.

      Comment


      • #4
        Yes, if he has an OCI card ...

        ... I am though not entirely sure about PIO, but I assume that's applicable therein too.

        At the worst there will be a tax deduction at source for any income and this will be refunded to you at the time of filing a tax return the next year. It's very easy.

        On another front, Indian economy is going up by leaps and bounds and it'll be a good idea to have a DEMAT account there and invest in equities. This also gives you the benefit of diversification and alternate investments.

        Take care.

        Comment


        • #5
          QUOTE=ravi1985;103523]I am an NRI resident in the US. I have some land and house in

          my brother is us citizen & working in india as us citizen in america company ,he is getting salary in india & company is asking for PAN CARD. company is deducting TDS .how he can get his refund he dont have Pan no .as he is US citizen & depositing tax in USA

          Regards


          Gaurav Maheshwari

          Comment


          • #6
            an us citizen can get pan card for his refund of tds deducted in india while working in india

            Comment


            • #7
              PAN card (as Indian Citizen) - Now got US Citizenship

              Hi,
              I got my PAN card when I was a Indian Citizen. Now, I have US Citizenship. Do I need to update PAN card with this change? Also, do I need to update all bank accounts (NRI accounts, regular checking accounts, etc.) with the change?
              Thank you.
              Nagaraj

              Comment


              • #8
                Whether PAN or not, interest received in India is taxable in US

                There is an error in previous post which mentions that if tax on Indian income is paid in India, you donot have to pay tax in US.

                A person which is US resident for tax purpose ( Anyone who meets substantial presence test or USC or GC holder) is required to declare world income on US return 1040. This includes US citizen who are living outside US as well as persons who are not green card holders but who are in US on work visa.

                For example, there is no tax in India for income below INR 160,000. However if a US resident earns INR 4500 as Interest then s/he has to add equivalent $ 100 to US income and pay additional tax based on marginal tax rate whether say 28 % or 25 % as the rate may be.

                If the person has already paid 10 % tax in India, then credit for tax paid is available but still he has to pay balance tax to IRS

                Comment


                • #9
                  PAN Card

                  If you apply for a PAN card as an Indian citizen and subsequently acquire US citizenship, do you have to update your PAN card information with your new citizenship status or is no update required? Has anyone been through this process as described above?

                  Comment


                  • #10
                    Do you need to submit any form related to PAN after getting other country citizenship

                    Originally posted by cricketfan View Post
                    If you apply for a PAN card as an Indian citizen and subsequently acquire US citizenship, do you have to update your PAN card information with your new citizenship status or is no update required? Has anyone been through this process as described above?
                    I am in the same situation. Did anybody find answer for this?

                    Comment


                    • #11
                      Do I need to update PAN card on getting US citizenship....

                      Originally posted by tnagaraj View Post
                      Hi,
                      I got my PAN card when I was a Indian Citizen. Now, I have US Citizenship. Do I need to update PAN card with this change? Also, do I need to update all bank accounts (NRI accounts, regular checking accounts, etc.) with the change?
                      Thank you.
                      Nagaraj


                      As per the information given there PAN Card Number always stays the same for life. Consider it to be like your Social Security Number. Such numbers are issued for life. So there is no need to apply for a NEW Pan Card.

                      Comment


                      • #12
                        Originally posted by nakamu View Post
                        As per the information given there PAN Card Number always stays the same for life. Consider it to be like your Social Security Number. Such numbers are issued for life. So there is no need to apply for a NEW Pan Card.
                        @Nakamu: Do you have a source of this information to verify it?

                        Comment


                        • #13
                          A Permanent Account Number (PAN) is one of the most important documents in the country today. It is an identification number which the Income Tax Department gives to all taxpayers.
                          You need to quote the PAN for all financial transactions like opening a bank account, buying a property of a car, buying or selling shares or mutual funds, applying for a visa/passport, making payment of income tax or filing your tax return, applying for a bank loan, etc.

                          Comment


                          • #14
                            PAN Card in India (for NRIs in US)

                            Originally posted by PanVerification View Post
                            A Permanent Account Number (PAN) is one of the most important documents in the country today. It is an identification number which the Income Tax Department gives to all taxpayers.
                            You need to quote the PAN for all financial transactions like opening a bank account, buying a property of a car, buying or selling shares or mutual funds, applying for a visa/passport, making payment of income tax or filing your tax return, applying for a bank loan, etc.
                            Non-resident individuals and organisations 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 (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department.The PAN number comprises of ten alphanumeric characters and is issued in the form of a laminated card. A PAN card is required for both resident as well as non-resident assesses.

                            Comment


                            • #15
                              Pan Card Verification

                              I am secretary of a Society registered under SRA
                              I want to know which ITR Form should i fill for Income tax return for our Society. Is it will be ITR-7 As status- Association of Person (Trust)/ or only Association of Person and Society’s
                              Thanks I awaiting for your valuable advice
                              Last edited by Antonise; 12-07-2016, 11:38 AM. Reason: Banned Website

                              Comment

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