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What is PAN Card?

PAN- Permanent Account Number. It is a unique Ten Digit Alphanumeric number,  issued by Income Tax department of India in the form of a laminated card.  It is just like a Social Security Number (SSN),  issued to the Residents of US.  It is better known as Indian Tax Number.

What is Foreign Company?

As per Indian Laws any company 'Incorporated Outside India' is known as a Foreign company.  India now being a booming sector attracts a lot of large foreign companies looking for business oppertunity and with the aim to reap some business perspective benefits.

Why do Foreign Companies need PAN card?

Section 195 of Income Tax Act keep it mandatory for all person responsible for making any payment to foreign company shall deduct tax at source before making any such payment. Income tax Act also specify to deduct taxes at higher rate if the foreign company do not have Indian PAN card. Alternatively, Income Tax Act, 1961 mandates all companies "Incorporated Outside India" and generating any Income from Indian sources to have PAN card.

Claiming Withholding Taxes in India

To tax file in India you need a PAN card. So any foreign company can only claim tax when it has a PAN. Indian income tax return is a proof of all the taxes paid.

To get our quote on Company PAN card write to us at info@nripanindia.com . We would be happy to help you.

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