We have been requested by our Indian bank where we have Demat a/c to provide PAN #. The bank is saying providing PAN is mandatory and is threatening to close demat a/c if not provided.

Can anybody guide us how to get PAN # and how long does it take to get one?

8. Where to apply for PAN?

In order to improve PAN related services, the Income Tax department has authorized UTI Investor Services Ltd (UTIISL) to set up and manage IT PAN Service Centers in all cities or towns where there is an Income Tax office and National Securities Depository Limited (NSDL) to dispense PAN services from TIN Facilitation Centers. For convenience of PAN applicants in big cities, UTIISL has set up more than one IT PAN Service Center and likewise there are more than one TIN Facilitation Centers.

9. How to apply for a PAN? Can an application for PAN be made on plain paper?


PAN application should be made only on Form 49A. A PAN application (Form 49A) can be downloaded from the website of Income Tax department or UTIISL or NSDL (www.incometaxindia.gov.in,www.utiisl.co.in or tin.nsdl.com) or printed by local printers or photocopied (on A4 size 70 GSM paper) or obtained from any other source. The form is also available at IT PAN Service centers and TIN Facilitation centers.

10. Can an application for PAN be made in Form 49A obtained from anywhere?

Yes, PAN application may be made on Form 49A obtained from any source other than IT PAN Service Centers or TIN Facilitation Centers. For instance, a PAN application may be made on form downloaded from the website of Income Tax department or UTIISL or NSDL; or on form printed by local printers or a photocopy of downloaded or printed form.

11. Can an application for PAN be made through Internet?

Yes, application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for new PAN card (for an existing PAN) may also be made through Internet. For more details visit (www.tin-nsdl.com)

12. How do I get a PAN allotted quickly (TATKAL)?

If an application for allotment of PAN is submitted through Internet and payment made through a 'nominated' credit card, the PAN is allotted on priority and communicated through email.

13. How to find an IT PAN Service Center or TIN Facilitation Center?

Location of IT PAN Service Centers or TIN Facilitation Centers in any city may be obtained from local Income Tax Office or any office of UTI/UTIISL or NSDL in that city or from websites of the Income Tax department (www.incometaxindia.gov.in or UTIISL(www.utiisl.co.in) or NSDL (http://tin.nsdl.com)



For more details check the website http://incometaxindia.gov.in/PAN/Overview.asp or call up a chartered accountant in your home town.

I have a few questions about PAN.

1. I have properties(flats) in India. Should I get a PAN number?

2. Will the governement of India issue PAN number to a Canadian citizen?


Thanks...

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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"

I am not an expert in this matter. But I guess PAN is becoming compulsary for almost all kinds of financial transactions of bigger value. May be you have to quote your PAN while selling your property in India or when you buy new one.

PAN is required for the following situations


Every person shall quote his permanent account number or General Index Register Number in all documents pertaining to the transactions specified below, namely :-

(a) Sale or purchase of any immovable property valued at five lakh rupees or more;

(b) Sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of that Act :

Provided that for the purposes of this clause, the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;

(c) A time deposit, exceeding fifty thousand rupees, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);

(d) A deposit, exceeding ifty thousand rupees, in any account with Post Office Savings Bank;

(e) A contract of a value exceeding ten lakh rupees for sale or purchase of securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

(f) Opening an account not being a time-deposit referred to in clause (c) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);

(g) Making an application for installation of a telephone connection (including a cellular telephone connection);

(h) Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time :

Provided that a person shall quote General Index Register Number in the documents pertaining to transactions specified in the above clauses (a) to (h) till such time the permanent account number is allotted to him :

Provided further that where a person, making an application for opening an account referred to in clause (c) and clause (f) of this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number or General Index Register Number of his father or mother or guardian, as the case may be, in the document pertaining to the transaction referred to in said clause (c) and clause (f) :

Provided also that any person, who has not been allotted a permanent account number or who does not have a General Index Register Number and who makes payment in cash or otherwise than by a crossed cheque drawn on a bank or through credit card issued by any bank in respect of any transaction specified in clauses (a) to (h), shall make a declaration in Form No.60 giving therein the particulars of such transaction.






I guess if you dont have a PAN you can sign a declaration in Form No. 60 as mentioned above.

In other words


SIN is for Canada

PAN is for India


In future PAN will be similar to SIN and can be used for all the purposes where SIN is useful( I hope so)

2. I am unaware of the formalities for issuing a PAN for Canadian citizens . But i guess there is no harm in applying too..

Quote:

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Originally posted by zubs

11. Can an application for PAN be made through Internet?

Yes, application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for new PAN card (for an existing PAN) may also be made through Internet. For more details visit (www.tin-nsdl.com)

12. How do I get a PAN allotted quickly (TATKAL)?

If an application for allotment of PAN is submitted through Internet and payment made through a 'nominated' credit card, the PAN is allotted on priority and communicated through email.
quote]
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This is the fastest way to get the PAN online. ususally it takes anywhere between 48-96 hours . You must have a Credit card to pay the fees upfront.
The fees are Rs 60.00 for PAN CARD + Rs.6.00 service charges + any service charge your credit card bank might charge - in my case they charged Rs.5.00.
so total fee of Rs 71.00

I got my PAN allotted within 72 hours of applying. and then I submtted the screen shot to my bank for processing the DEMAT account. you can do the same. How ever I did not get the email notification of PAN allottment. I could only see it online. But this is one of the fastest govt. service I have seen so far.

And even after, that I mailed all the relevant documents as they requested and I received the PAN CARD at my India address within 8 days. In your case you do not need the CARD immediately. so get the number and manage the current needs.