Pan Card & OCI

Permanent Account Number (PAN) CARD

Permanent Account Number (PAN), is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. It also serves as an identity proof. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more.
The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India.

WHO MUST APPLY FOR PAN?

•   Anybody who earns a taxable income in India, including foreign nationals and companies incorporated overseas who deal with Indian Companies
•   Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year

OVERSEAS CITIZEN OF INDIA (OCI) CARD

Individual holding foreign passports but previously were Indian Citizens are eligible for this card. Individual who have been former citizens of Pakistan or Bangladesh are not eligible. The benefits of procuring the OCI Card include: Lifelong multi entry visit visa to India, Exemption from reporting to police authorities for any length of stay in India, Employment allowed in private sector For detailed information on Pan Card services or OCI contact Ms. Pavitra BN (gm@nsca.pro)