Income tax department of India has introduced new permanent account number (PAN) application form especially for Non Residents. With the introduction of form 49AA NRI’s, PIO’s and entities having interest in India will have to provide additional information to the central board of direct taxes (CBDT) to comply with the Know Your Customer (KYC) norms of the Securities and Exchange Board of India.
The new PAN application form i.e. 49AA will be effective from 1st Nov 2011 which will help the department to collect 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.
Currently same form is used to apply PAN card by both residents and non residents i.e Form 49A. But this new PAN application form (49AA) will be used by all new applicants applying for PAN card in India.
The existing PAN application form 49A, will also 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.
Official Notification For Form 49A and Form 49AA – Documents Of Proof Of Identity And Address For Residents (49A) and Non Residents (49AA)