Tuesday 1 November 2011

Govt introduces new PAN form for non-residents


New Delhi: The Income Tax Department  introduces a separate permanent account number (PAN)application form for non-residents in which NRIs, PIOs and entities having interest in India will have to provide additional information to the Central Board of Direct Taxes (CBDT).
The new form–49AA– will help the department gather information on non-Indian entities and individuals, like Persons of Indian Origin (PIOs), politically exposed persons (PEPs), persons linked to PEPs and those involved in activities like gambling, gaming and lottery, a senior CBDT official said.
“This will also help us gather tax-related information from foreign entities and individuals which we can share with tax havens like Switzerland, if required. The new form will into effect from tomorrow,” the official added.
Earlier  residents and non-residents are required to apply for PAN on same application form.
The new PAN form will have to be used by fresh applicants only, the official clarified.
PAN is needed for paying income tax and filing returns by individuals as well as business entities.
In the new form, the applicants will have to submit all the information they are required to provide while complying with the Know Your Customer (KYC) norms of the Securities and Exchange Board of India (Sebi), the official added.
The existing PAN application form 49A, he added, too will be modified to include information that citizens are required to submit while applying for Aadhar number under the Unique Identification Authority of India (UIDAI) scheme.
“Now, form 49A has been synchronised with Aadhar. By doing this, we will get additional information,” the official added.


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