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India Issues New Requirements for Permanent Account Numbers (PAN)

The new measures aim to reduce the number of fake PAN cards or multiple PAN cards obtained by companies and individuals, verify personal and proprietary data, stop forging details to evade taxes

 
PRLog - Feb. 10, 2014 - SUNNYVALE, Calif. -- New procedure issued by the Central Board of Direct Taxes (CBDT) for obtaining PAN card will soon enter into force in India. The new measures aim to reduce the number of fake PAN cards or multiple PAN cards obtained by companies and individuals, verify personal and proprietary data, stop forging details to evade taxes, reports Nair & Co.’s International Compliance Team.

While applying for a PAN card, it would soon become mandatory for the applicant to also submit original documents i.e. proof of identity (POI), proof of address (POA) and date of birth (DOB), at the counter of PAN facilitation centres along with self-attested copies of the same. However, original documents would be returned after on-the-spot verification.

PAN is a 10-digit alphanumeric number which is assigned to tax payers in India by the Indian Income Tax (I-T) Department under the supervision of the Central Board for Direct Taxes (CBDT).

Further, foreign applicants may face trouble while obtaining PAN cards due to the new process issued by the I-T department.

For more information about doing business overseas (http://www.nair-co.com/expanding-business-overseas.aspx) or to know more about our International Expansion Services team (http://www.nair-co.com/) please contact us (http://www.nair-co.com/global-offices.aspx).

Subscribe (http://www.nair-co.com/subscribe.aspx) to regular global tax compliance alerts from Nair & Co.

Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.


Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

Contact
Yvonne Smith
408 501 8867
***@nairusa.com

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Contact Email:
***@nairusa.com
Source:Nair & Co.
City/Town:Sunnyvale - California - United States
Industry:Business
Tags:New Requirements for Permanent, New Requirements forPAN, global tax compliance
Shortcut:prlog.org/12280358
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