Blogs Frequently Asked Questions

Well, there is nothing different between the NSDL and UTIITSL PAN card. Additionally, both are used for the same purpose. So, whether you apply from NSDL or UTIITSL does not matter, as both are good.

There is no difference between the NSDL and UTI PAN cards; both are used for the same purpose of identifying Indian taxpayers. The NSDL PAN refers to the PAN cards permitted by the National Securities Depository Limited, and the UTI PAN denotes the PAN card issued by the UTI Infrastructure Technology and Services Limited, another authorized PAN entity.

Generally, the PAN card form 49A takes 15 days to process after the successful submission of the PAN application and document verification.

For Indian residents, the PAN Card Form 49A fee is Rs 101, and for NRIs, the fee is Rs 1011, which includes the application and dispatch charges of Rs 857 and 18% GST of Rs 154.

The required documents for applying for the Form 49A  include a copy of any of the following ID proof (passport, voter ID, or Aadhaar card), address proof (utility bill, electricity bill, Aadhaar card or more), and date of birth proof (birth certificate, voter ID, Aadhaar card, etc.).

You can apply for a Form 49A online and offline. For the online process, visit the UTIITSL or NSDL website. Then select the form time, fill out the application form, choose the mode of receiving the card, and upload the required documents. After that, pay the PAN card fee and, within the given processing time, receive your card. For the offline procedure, download the Form 49A from the Income Tax website or the Protean website. Fill out the PAN application form with correct information. After that, courier your PAN application and other requested documents to your nearby PAN center and pay the fee. Within 15 days after the document verification, you will get your PAN card.

No, you cannot skip the AO code for the PAN card. This code assists you in identifying your income tax jurisdiction. The AO or Assessing Officer verifies your ITR to ensure that the income, tax, and deductions are correct or not. Additionally, each income tax jurisdiction has its 'AO code.' So, if you want to obtain a PAN card, you need an AO code.

The only difference between the PAN card Form 49A and 49AA is the applicants. Form 49A is for Indian citizens, entities incorporated in India, NRIs, and any other unincorporated entity. While Form 49AA is for foreign residents in India, Overseas Citizen of India (OCI), Person of Indian Origin (PIO), and companies incorporated outside India but functioning in India.

There are two options available to fill out the PAN application form, i.e., online and offline. For online application, you can visit the NSDL or UTIITSL website, and there you can fill out the application form. After that, along with the application form, submit the requested documents and pay the application fee. For offline, download the PAN application form from the Income Tax website or the Protean website. After that, fill out the form with the correct information and gather the required documents. Courier them to your nearby PAN card center and pay the fee. Within 15 days after the application submission and document verification, you will receive your card.

If you don't report your foreign income, then it will result in penalties. If you fail to file Form T1135 on time, then you will be fined $25 per day, up to $2500. There can also be a legal action taken against you.

You need to be a ROR (Resident and Ordinarily Resident) to show your foreign income in your ITRs. You should use ITR-2 or ITR-3, as they have a special schedule for foreign assets and income.

OCI cardholders must file the Income Tax Return in India as non-residents. The requirements and scope of income are determined by their residential status, and they have a different procedure to pay the Income tax.

There are some factors that you need to determine to file an ITR as an NRI. These factors are accurate residential status, gathering relevant financial documents, choosing the right ITR form, and online filing through the official income tax portal.

OCIs don't need to pay more tax in India. Their tax liability is completely determined by their tax residency status. This status is based on the number of days they have stayed in India in the relevant financial year.

The TDS rates for the OCI cardholders depend on the type of income they earn in India, such as: Salary: taxed as per income tax slab rates Long-term capital gains: 12.5% Short-term capital gains: 30%  Interest from NRO FDs/Bank deposits: 30%  Rental Incoem: 30% These rates exclude cess and surcharges.

Yes, an OCI needs to file their Indian Tax return in India if their Indian income is more than a certain threshold or if they want to get any tax refunds, for the tax deduction, then they will need to file the Indian ITR, which can also be beneficial for you in various purposes.

Yes, the OCI cardholders need to pay the tax in India if they have a valid source of Indian income. Then, in that condition, they need to file an ITR.

No, an OCI cardholder is not automatically considered an NRI for this purpose. If he or she wants to be considered for tax purposes, then he needs to fulfill the eligibility criteria for a specific tax residency status.

If an OCI cardholder stays in Indian for more than 182 days in a financial year, then their residential status will be changed, and they will be considered a resident of India for tax purposes.

Yes, NRE Account interest is tax-free for the OCI cardholders in India.