Pan Card Correction Form

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All You Need to Know About NRIs PAN Card
PAN Card, a universal identification number is
becoming an essential document in our everyday
lives. The ten-character alphanumeric identifier
is issued by the Income Tax (IT) Department of
India to taxpayers who carry out financial
transactions. Serving as an identity proof, the
objective of PAN Card is to track financial
transactions and prevent tax evasions. Financial
transactions like TDS, Income Returns, and tax
payments can be easily linked with the Income Tax
Department. As per the IT law, one individual has
the right to hold only one PAN number registered
in his name. If an individual holds over one PAN
number in his name, he is liable to pay a fine of
INR 10,000. An individual should carefully fill
the PAN application form, however, a little error
and the individual has to apply for the
correction in PAN Card. Alankit Limited excels at
promptly delivering e-governance
solutions including new PAN application and PAN
Correction. India is one of the main investment
destinations for thousands of Non-Resident
Indians residing in the United Kingdom. Investors
who want to indulge in any kind of financial
transactions and do investments in India need to
hold a PAN number issued by the Government of
India. The Income Tax Department of India issues
PAN Card for NRIs and for resident Indians as
well as companies.
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Why do NRIs need a PAN Card? The 10-digit
alphanumeric number mentioned on the PAN Card
serves as unique identification proof and an NRI
must hold it when he intends to make any
financial transaction in India. Listed below are
the purposes when NRIs feel the need of holding a
PAN Card

• NRIs who have taxable income or wishes to involve
  in a share exchange, invest in mutual funds or
  immovable assets should have a valid PAN Card.
• PAN Card plays an essential role for NRIs while
  applying for a visa or a passport and securing
  foreign remittance.
• Having a bank account in a foreign country is a
  need individuals can open an NRI bank account,
  NRE account or NRO account.

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Process for NRIs to apply for a PAN Card As per
the Income Tax Department, the PAN application
procedure has become simple and easy to make sure
NRIs do not have to get through the
time-consuming process to apply it. There is a
specific form namely Form 49AA to be filled by
the NRIs to start with the procedure. To reduce
the manual work, the process of applying PAN Card
has become by replacing paperwork with an
efficient online procedure. Instructions are
listed in the PAN application form regarding the
necessary documents to be attached with the form.
Submitting the relevant documents for
verification like photographs, passport copy,
citizenship identification number, or copy of PIO
card and making the payment can be done without
any hassle. NRI applicants should be careful
while filling the form to eradicate the chances
of overwriting or any major error which may lead
to delay in the documentation process ahead.
Within five working days, applicants can expect
the issuance of PAN number and the physical copy
of the new PAN Card is dispatched to the
applicants provided address within 2 weeks. NRIs
can directly connect with the Income Tax
Department in case of any concern. The status of
their application can be tracked using the
acknowledged code issued to the applicant post
payment. The processing fee for obtaining a PAN
number for NRI is to be paid during the
submission of a new PAN application or
application for any correction required in the
existing PAN Card. The charges for this procedure
may vary based upon the provided address of the
applicant. Also, the charges may differ according
to the requirement of the PAN Card, whether it is
a physical copy or an e-PAN Card. The process of
PAN card for NRI accepts payment only through
debit cards, credit cards, net banking, and
demand drafts. Payment made through cash is
generally evaded.