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Is PAN Required for Foreign Directors
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....s PAN Required for Foreign Directors<br> Query (Issue) Started By: - Pandiyan Perumal Dated:- 12-11-2019 Last Reply Date:- 27-5-2020 Income Tax<br>Got 4 Replies<br>Income Tax<br>Our Indian Company is 100% holding by a foreign company. And there are three directors, out of three directors, one Indian director & Two foreign directors. But those two foreign directors don't have any income in Indi....
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....a. Please suggest us, PAN is required for those two foreign directors. Reply By PRADEEP SHUKLA: The Reply: Non-residents: Do they need to have PAN Non-residents were required to obtain PAN in certain specified cases like to make investment in Mutual Funds in India, to purchase property in India, employment etc. A Non-resident, therefore, having no financial transactions in India, was not requir....
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....ed to have PAN. Reply By YAGAY andSUN: The Reply: Every person, whether a resident or non-resident in India, who is a director in an Indian Company that has a financial transaction of ₹ 250,000/- or more, in a financial year, will have to compulsorily obtain Indian PAN Card. This amendment might also help in tracking the shell companies. Reply By YAGAY andSUN: The Reply: Section 139A of ....
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....The Indian Income Tax Act specifies the list of persons who are required to obtain Permanent Account Number (PAN card) within the prescribed time limits. Finance Act, 2018 has introduced clause (v) and (vi) to sub-section (1) to Section 139(1) to include the following categories of persons who are also now required to obtain their PAN card. Every resident, other than individual, which enters int....
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....o a financial transaction of an amount aggregating to ₹ 250,000/- or more in a financial year. Every person who is a Managing Director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in above clause or any person competent to act on behalf of the person referred to in above clause. This signifies tha....
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....t every person, whether resident or non-resident in India, who is a director in an Indian Company that has financial transaction of ₹ 250,000/- or more in a financial year will have to compulsory obtain Indian PAN card. Reply By YAGAY andSUN: The Reply: Section 272B of The Indian Income Tax Act, impose a penalty of a sum of ₹ 10,000/- for such default.<br> Discussion Forum - Knowledg....
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....e Sharing ....