PAN Card Eligiblity

Every person or entity, irrespective of nationality (including foreign citizens/entities), generating taxable income in India, is mandated to possess a PAN card. This 10-digit alphanumeric identifier serves as the central repository for all tax-related data pertaining to an individual or entity. Prior to initiating the PAN card application process, individuals and entities are advised to thoroughly assess the specific eligibility criteria and documentation requirements associated with obtaining a PAN card.

Fundamental Eligibility Requirements for Online PAN Card Application (Indian Citizens)

PAN Card Application Eligibility Criteria for Indian Citizens, Companies, and Entities Using Form 49A

Individuals:
Applicant must be an Indian citizen with valid proof of identity, address, and date of birth.
Hindu Undivided Families (HUF):
An HUF, as a separate entity, can apply for a PAN card. The Karta (head) of the family provides proof of identity, address, and date of birth along with details of fathers’ names and addresses of all co-parceners. An affidavit with all details needs to be submitted.
Minors:
Minors can apply for a PAN card, required for property nominations and investments. Parents can sign Form 49A on behalf of minors, submitting their proofs along with the child’s date of birth proof. The minor’s Aadhaar number must be quoted in the form.
Mentally Retarded Individuals:
If necessary, mentally retarded individuals can obtain a PAN through their representatives.
Partnership Firm:
Submission of a copy of the Certificate of Registration issued by the Registrar of Firms or the Partnership Deed is required for obtaining a PAN card.
Limited Liability Partnership (LLP):
A copy of the Certificate of Registration issued by the Registrar of LLPs is necessary for obtaining a PAN card.
Trusts:
Trusts can apply for a PAN card by providing the trust deed and the Registration number issued by the Charity Commissioner.
Companies:
Online application for a PAN card is available for companies. Registration with the state Registrar of Companies is mandatory, and a copy of the Certificate of Registration issued by the Registrar of Companies must be submitted.
Local Authorities:
Local authorities can apply for PAN by submitting a copy of the agreement.
Association of Persons:
Registered associations can apply for a PAN card by submitting a copy of their registration certificate.
Artificial Judicial Person:
They can apply for a PAN card by submitting the registration certificate from the government establishing identity and address.

PAN Card Procedure

Requirements for PAN Card Application by Foreign Citizens/Entities: Eligibility and Documentation

PAN Card Application Process for Foreign Citizens and Entities (Form 49AA)

A. Foreign Citizens/Individuals:
Foreign individuals intending to engage in financial transactions in India must apply for a PAN card, submitting valid ID, address proof, and date of birth proof. The following documents can serve as proof:

Proof of Identity:

Passport/PIO card/OCI card
TIN (Taxpayer Identification Number) or CIN (Citizenship Identification Number) attested by the Ministry of External Affairs, High Commission, or Indian Embassy. Alternatively, attestation can be obtained from the consulate in the country of residence or an authorized official of an Indian scheduled bank branch located overseas.

Proof of Address:

Passport/PIO/OCI
TIN or CIN attested as mentioned above
Bank account statement (from the country of residence)
NRE (Non-resident External) bank account statement held in India
Certificate showing residence status in India or residence permit issued in India by the police authorities
Certificate of registration carrying an Indian residential address issued by the Foreigner’s Registration Office
Copy of visa granted, or a contract, or a letter of appointment given by an Indian company. An original address proof letter issued by an Indian employer can also be submitted.

B. Foreign Entities:
Foreign entities can apply for a PAN card by submitting the following documents along with PAN Form 49AA:

A photocopy of the registration certificate issued by the country where the entities are situated, duly attested by the Ministry of External Affairs, High Commission, or Indian Embassy. Alternatively, attestation can be obtained from the consulate in the country of residence or an authorized official of an Indian scheduled bank branch situated overseas.
A copy of the registration certificate issued in India or approval obtained from Indian authorities to set up a branch office in India.

The Significance of Having a PAN Card

The PAN card holds essential significance across various activities, including:

Income Tax Filing:
- Mandatory for filing income tax returns.
Proof of Identity:
- Functions as a recognized proof of identity.
Bank and Depository Account Opening:
- Required for initiating the opening of a new bank account and depository account.
Credit Card and Bank Loan Applications:
- Essential when applying for credit cards and bank loans.
Property Transactions:
- Necessary for sale or purchase of immovable property valued at Rs. 5 lakh or more.
Restaurant Payments:
- Required for any payment exceeding Rs. 25,000 at restaurants.
Large Bank Deposits:
- Mandatory when depositing Rs. 50,000 or more into a bank account.
Vehicle Transactions (excluding two-wheelers):
- Needed for the sale or purchase of a car or any other vehicle.
Investment Transactions:
- Necessary for transactions involving an amount of Rs. 50,000 or more for investment purposes.
Jewelry Purchases Beyond Prescribed Limits:
- Required for jewelry purchases that exceed the prescribed limit.

Registered Office: Plot Co. C 21, Tower C (1 3 floors), G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051
Corporate Office: : Co. 27 A Developed Industrial Estate, Guindy, Chennai - 600032.
Email: compliance@hindujaleyalandfinance.com
Investor Relation: investorrelations@hindujaleylandfinance.com

Quick Links

Stay Connected

Get a call back

© Copyright 2024 HINDUJA LEYLAND FINANCE. All Rights Reserved.

Pay EMI

Get a Call Back

Branch Locator

Optimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.