What is PAN Form 49A and Form 49AA

Having a PAN has become mandatory today with most financial transaction needing it. More people are getting into the Tax bracket with young people joining the workforce. Foreign nationals working in India will also need one. But the process of application differs for Indians residing in India, Foreigners residing in India and Indians residing abroad. We are here to throw light on all these numbers.

Indian Resident? Then it is Form 49A for You

This is the application form that an Indian residing in India needs to choose if he or she needs to apply for a new PAN. Do be careful though, if you already had a PAN issued to you, never apply for a new PAN since this is considered illegal and you will have to pay a hefty fine.

The form 49A is available for download on the government NSDL site or on the UTIITSL website. It’s best to fill the PAN form online and download and print. Remember all signatures must only be in black Ink. The form needs to be filled in English. You can then submit the form with copies of the required supporting documents and two passport pictures affixed to the form and cross signed in black ink. Never staple pic to the form since this is what will be used in your pan card. Payment can be done online or through a demand draft. The Pan card will be delivered by post directly to your home.

Foreign National? Then it is Form 49AA

Foreign residents and even companies incorporated outside India with offices in India need to apply for a PAN. Their application form is different and is the Form 49AA. The form is divided into 17 components asn the supporting documents that need to be provided are different from those of an Indian National. The form must be filled only in English and in black ink. The rest of the process is the same for all with the form needing to be either handed over or couriered to the PAN office in your location. The address will be available on the NSDL website.

The supporting documents needed for Foreigners to the country, working here are

1. Bank account statements in the country of residence

2. The registration certificate issued by Foreigners Registration Office and shows Indian address

3. Non-resident external bank account statements in India

4. Visa granted by the foreign country and/or copy of appointment letter issued by an Indian company and original certificate of Indian Address issued by employer

PAN Card Services make this easier but watch out for this

In case all this seems too complicated, rest easy. There are a number of reliable Passport agents who will take the grunt work out of applying. Remember though that they will charge an extra amount for this service. But be sure that all their charges are upfront. Many agents quote a low fee to start with and then add on the charges. When they say only 107 for applying, they are only referring to the payment that has to be made to the PAN office and are not including their charges.For more information on reliable PAN services