If you’re trying to figure out what is the permanent account number (or PAN) then you’re in the right place.
Whether you’re a foreigner, a non-resident Indian, a resident of India, or you have a company conducting business in India, this article is going to help you navigate the process.
If this is your first time visiting GlobalBanks, you can also access a wide range of our resources for free, from the steps to open a company bank account in Malaysia to personal banking in Singapore.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- What Is the Permanent Account Number?
- Permanent Account Number 101
- PAN & PAN Card Eligibility
- Frequently Asked Questions
- Ready to Explore Your Options?
What Is the Permanent Account Number?
The Permanent Account Number or PAN is an identification number issued by the Indian Income Tax Department. This number is important for anyone that is engaged in a local business or has taxable income in India.
Below, we’ll share what you need to know about the permanent account number before you apply. We’ll discuss whether foreigners can get a PAN and when it may be required.
Permanent Account Number 101
The Permanent Account Number is a ten-digit number that Indian tax authorities use to identify an individual or company that has reportable income in India. In many cases, this is relevant for both residents and non-residents, along with corporate entities.
As mentioned above, the PAN number is accompanied by the PAN card, which can be used as a supplementary form of identification, in addition to your passport or driver’s license.
Not surprisingly, many non-resident Indians (NRIs) are trying to sort through the requirements and determine whether the PAN is really necessary. Or, if the Aadhaar number is sufficient. Well, that depends…
The government of India has said that the Aadhaar number will be accepted instead of PAN, however, the laws surrounding this are still unfolding. We’ll take a closer look at PAN and PAN Card Eligibility in the next section.
PAN & PAN Card Eligibility
To obtain a Permanent Account Number in India, you (or your entity) will need to be liable to pay tax to the Income Tax Department of India. In other words, you have taxable Indian-sourced income.
With this in mind, most people that will be eligible for a PAN card are Indian residents. However, many non-resident Indians will find that a PAN card can also be helpful when interacting with local government authorities and banks.
Furthermore, anyone engaged in business in India (e.g. import and export activities) who is liable to pay tax and duty charges, will also be required to obtain a PAN.
Can a Foreigner Get a PAN Card?
Yes, in addition to Indian citizens, foreigners can also apply for a PAN card. To do so, they will need to meet the specific criteria set out by the Indian Income Tax Department. This includes being resident in the country for at least 182 days. Additionally, they will need to provide an onerous list of documents to confirm their identity and residential address.
Frequently Asked Questions
Below are two of the most common questions that we receive from individuals about their PAN.
What Is the Use of a Permanent Account Number?
The Permanent Account Number is a tax identification number. It is used by the Indian government to track high-value transactions executed by Indian tax residents. For this reason, the number is typically only obtained by individuals and corporate entities with local tax liabilities.
Can I Get an Online PAN Card?
Yes, the Indian Income Tax Department allows you to apply online for your PAN and PAN card. The online application process is available to both individual (local and foreign) and corporate applicants, whether they want to register a new PAN, submit corrections to their application, or request a reprint of their PAN Card.
Ready to Explore Your Options?
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Of course, if you have any questions, please contact us directly.
