TYPES OF PAN: Resident Individuals,Indian Companies,Foreigners

As per the Income Tax department, it issues the following seven types of pan cards-

Pan card for Resident Individuals
Pan card for Indian Companies
Pan Card for Foreigners
Pan card for Foreign Companies
Pan card for Foreign Citizens
Pan card for Foreign corporates
Pan card for Indian Individuals

Pan card for Resident Individuals:

Resident and HUFs fall under this category. These companies need to fill up Form 49A to apply for this PAN card. Such pan cards contain the photograph of the individual of the family.

The PAN card of the person contains the cardholder’s picture, Permanent Account Number, his name, father’s name, gender, date of birth, QR code, hologram, and signature.

NRLs applying for PAN are covered in this category. The procedure for applying or updating details on PAN card is the same for both residents and NRIs. Resident individuals have to provide their Aadhaar number at the time of PAN card application.

Residents of Indian have to pay a fee of Rs.1017(inclusive of GST)

PAN Card for companies:

Apart from two differences, the PAN card for companies is the same as the PAN card for individuals. These 2 variations are non-affixation of photograph on PAN card for corporations and in position of date of birth mentioned in PAN card for people there id date of registration.

PAN Card for Foreigners :

Foreigners who desire to do business in India have to get a PAN card issued before they can carry out financial transactions. They have to apply for PAN card for foreigners by filling 49AA either online or offline.

The Foreign individual’s PAN card contains his Photograph, Name, Permanent Account Number, Father’s Name, Date of Birth, Signature, Hologram, and QR code.

The eligibility for this kind of PAN is same as of the PAN card for Indian Citizens. However, if the applicant mentions his correspondence address in India, he will have to pay a fee of RS.107 whereas the amount payable will be RS 1017 in case the address is outside India.

Types of PAN: Foreign Companies,Citizens

PAN Card for Foreign Companies:

Foreign companies planning to do business in India will have to get their issued PAN card before investing in the country. Such companies can apply for PAN cards directly by filling up form 49AA through NSDL or UTIITSL portal. Foreign Companies must submit the following documents mandatorily at the time of pan card application for Foreign Companies:

A copy of the Indian Registered Certificate or a copy of the authorization for setting up an office in the Indian authorities.

Foreign Companies also have mandatorily submit the document in which applicants have mentioned address of ‘Indian Tax Consultant’ as ‘care of’ address must also provide original power of attorney notarized by Apostil or by Indian High Commission or Consulate located in the country where an applicant is located, which specifically mentions that ‘Indian Tax Consultant’ is authorized to accept notices from the Income Tax Department for the applicant.

PAN Card for Foreign Citizens :

Just like Indian individuals, trusts, firm and companies, foreign citizens also need to have a PAN card to like and keep track record of the financial transactions.

PAN Card for Foreign Corporation :

Foreign Corporation is a term used in the United States to describe an existing corporation that conduct business in a state or jurisdiction other than where it was originally incorporated. All states should register with the before conducting business in the foreign corporation. The purpose of the federal tax, where a foreign corporation means a corporation that is not formed or organized in the United States. For tax functions, the internal Revenue Service treats all domestic firms in the same manner for tax functions, while not regard to where they were originally shaped or organized within the Unites States, however applies different rules to firms that are formed or organized outside of the USA.

PAN Card for Indian individuals :

IT department and the individuals themselves use the pan card to keep track of and link all financial transactions which attract tax with the IT department, on the basis of which the total taxable amount is calculated.