{"id":769,"date":"2015-12-17T10:18:38","date_gmt":"2015-12-17T10:18:38","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=769"},"modified":"2021-11-12T17:48:56","modified_gmt":"2021-11-12T12:18:56","slug":"applicability-of-pan-requirement-for-foreign-nationals-at-the-time-of-company-incorporation","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/applicability-of-pan-requirement-for-foreign-nationals-at-the-time-of-company-incorporation\/","title":{"rendered":"pan requirement for International Taxation"},"content":{"rendered":"<h2 style=\"text-align: justify;\"><\/h2>\n<figure id=\"attachment_9012\" aria-describedby=\"caption-attachment-9012\" style=\"width: 744px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/26-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9012\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/26-1.png\" alt=\"www.carajput.com; Strategy\" width=\"744\" height=\"435\" \/><\/a><figcaption id=\"caption-attachment-9012\" class=\"wp-caption-text\">www.carajput.com; Strategy<\/figcaption><\/figure>\n<h1 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>APPLICABILITY OF PAN REQUIREMENT FOR FOREIGN NATIONALS AT THE TIME OF COMPANY INCORPORATION<\/strong><\/span><\/h1>\n<ul style=\"text-align: justify;\">\n<li>Ministry of Corporate Affairs (MCA) has reconciled with the fact that not all Fireign Nationals are required to have PAN.<\/li>\n<li>MCA has recently issued a Circular\u00a0stating that Foreign Nationals, who are not required to mandatorily possess <a href=\"https:\/\/carajput.com\/blog\/tag\/introduction-of-permanent-account-numberpan\/\">PAN,<\/a> shall not be mandatorily required to furnish PAN details of intending\u00a0Directors\u00a0at the time of filing the application for Incorporation\u00a0(e-form INC-7).<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Where the intending Director who is a Foreign National is\u00a0not required\u00a0to compulsorily possess PAN, it will be sufficient for such a person to furnish his\/her passport number, along with undertaking stating that\u00a0provisions\u00a0of mandatory applicability of PAN are not\u00a0applicable\u00a0to the person concerned.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>However, PAN details shall be mandatory only for those foreign nationals who are required to possess \u201cPAN\u201d in terms of\u00a0provisions\u00a0of the Income Tax Act, 1961 on the date of application for\u00a0incorporation.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Requirement of PAN as per current Income Tax Rules<strong>:\u00a0<\/strong>As per the current Income Tax Rules and regulations read with <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income Tax Act<\/a>, it is mandatory to quote one\u2019s PAN in almost all the types of transactions.<\/li>\n<li>Take for example Opening a bank account, apply for Credit Card, making an application for installation of a telephone connection including a cellular phone, Demat account opening, getting Loan, any contract for sale or purchase of securities of a value of exceeding Rs.1 lakh, making an application to any mutual fund for purchase of its units for an amount of Rs.50,000 or more,\u00a0sale or purchase of any immovable property valued at Rs.5 lakhs or more, \u00a0purchase of motor vehicle, etc.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p>More read for related blogs are:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\">New TDS deduction No cash transactions<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>APPLICABILITY OF PAN REQUIREMENT FOR FOREIGN NATIONALS AT THE TIME OF COMPANY INCORPORATION Ministry of Corporate Affairs (MCA) has reconciled with the fact that not all Fireign Nationals are required to have PAN. MCA has recently issued a Circular\u00a0stating that Foreign Nationals, who are not required to mandatorily possess PAN, shall not be mandatorily required &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9],"tags":[3914,3915],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/769"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=769"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/769\/revisions"}],"predecessor-version":[{"id":4740,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/769\/revisions\/4740"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}