PAN Form 49AA

In this article, we will discuss form 49AA in the context of PAN and the various aspects of it in detail

Overview

The Permanent Account Number is a unique 10-digit alphanumeric code that the Income Tax Department issues to all eligible taxpayers. Both Indian and foreign individuals and business entities can apply for a PAN card as it provides various benefits. Additionally, a PAN card is mandatory for performing various activities such as making high-value transactions and opening a new bank account. The government has made it easy to apply for a PAN card by taking applications via both online and offline means. Form 49AA helps foreign citizens, and legal entities obtain a PAN Card. In this article, we will take a look at the need for PAN Form 49AA and how it helps.

What is Form 49AA?

Structure of Form 49AA

The Form has a field for the following details:

For Individuals:

1. Marital status
2. Citizenship Status
3. Occupation details such as whether they work in any of the following fields:

• Private sector
• Public sector
• Government service
• Business
• Professional
• Agriculturist
• Retired
• Housewife
• Student
• Other

For Corporations:

1. Company type from amongst the following;

• Private Company
• Public Company
• Body Corporate
• Financial Institution
• Non-Government Organization 

1. Gross Annual Income in INR
2. Net-worth in INR
3. Whether the business has family members holding beneficial ownership or control
4. Whether the business deals in one of the following fields;

• Foreign Exchange
• Money Changer Services
• Gaming
• Gambling
• Lottery services 
• Money Lending
• Pawning

1. Whether the applicant or an authorized signatory are politically exposed or have family members who are politically exposed 
2. Taxpayer Identification Number 

Documents Required For Filing Form 49AA

Once you fill out Form 49AA, you will have to attach a few supporting documents to complete the verification process. Also, the form may be filled only in English. If submitted in a regional language, it will not be accepted by the office. You will have to pay a processing fee once you submit the application form. Applicants may pay this fee via net banking, UPI or through credit or debit card payment. Once you are done, submit the Form to any NSDL or UTIITSL office along with the following documents.

Identity Proof:

• Driving licence
• Passport
• Arm’s licence
• Aadhaar Card
• Government-issued photo ID
• Pensioner card 
• Bank certificate

Address Proof:

Any of the following bills which are not older than three months

• Electricity bill
• Landline bill
• Broadband connection bill
• Water bill
• Consumer gas connection
• Bank or depository account statement
• Post office passbook
• Passport
• Government-issued Domicile certificate
• Aadhaar card

How To Fill Form 49AA

The Form may be downloaded online from either the NSDL or UTIITSL’s official website. The Form has 17 different sections and countless sub-sections which may be a little confusing. To help you understand how to fill the form best, here’s a quick look at the most efficient way to do so.

1. Assessing Officer Code: Fill in details regarding the Range Number, AO Type, which you can uncover through the NSDL website.
2. Full Name: Make sure you input the appropriate title, that is either Mr, Ms, or Mrs and also enter your first, middle, and last name in the way it appears in your other documents.
3. Other Name: In case you have had other names do mention them here.
4. Gender: This option is available only for individual applicants. Ensure you tick on the appropriate gender while filling the Form.
5. Date of Birth: If you are an individual applicant, provide your date of birth as on your Birth certificate. Corporate applicants may use their date of incorporation or agreement registration.
6. Parental Details: This option is only for individual applicants. You will have to mandatorily provide your Father’s name and may add your mother’s name if you wish to. Also, tick whose name you would like printed on the PAN card. If you don’t tick any option, the default choice will be your Father’s name.
7. Address: Provide your residence and address in the space provided and mention all details, including your PIN Code.
8. Communication Address: Choose either your office or residential address as your address for communication and tick the appropriate choice. 
9. Contact Details: Provide your telephone number and email address for notification purposes.
10. Status: Choose the status of your application from the following list;

• Individual
• HUF
• Company
• Partnership Firm 
• Others 

1. Registration Number: Provide your incorporation number as provided by the Registrar of Companies or Firms.
2. Country of Citizenship 
3. ISD Code of the foreign country
4. Source of Income: Choose from the following options; If you opt for Business or Profession, provide details regarding the same.

• Salary
• Income from Business 
• Further, Income from Profession
• Income from House Property
• Capital Gains
• Income from other Sources
• No Income

1. Representative in India: Mention details, such as the full name and address of your agent or representative in India. Make sure you don’t add any abbreviations to the name and provide their full residential address.
2. Documents Required: Explained in detail below.
3. KYC Details: A SEBI-registered Qualified Foreign Investor or Foreign Institutional Investor will have to fill this section for you. They will have to provide details regarding your business, gross income and your stock market listing.
4. Declaration: Make sure you mention the date in the DD/MM/YY format and place and sign your name or place your left thumb impression in this part.
   

   What is the Procedure for Filling Form 49 AA via Offline Mode?

   • Step 1: The PAN form should be filled out in English only, not in any other language
   • Step 2: Use block letters, with each box in the form accommodating only one character
   • Step 3: It’s recommended to use black ink or ballpoint pens and avoid ink pens when filling out the form
   • Step 4: The applicant must provide either a left-hand thumb impression or a signature on the photograph attached to the top left corner of the form
   • Step 5: Accuracy is essential, as providing incorrect information can lead to complications, including the rejection of the PAN card application.

Conclusion

To conclude, this is the process involved in filling and filing form 49AA. If you have any other queries or require any assistance with legal or regulatory matters, get in touch with us and we will ensure that our team of experts help you with your requirements.

Frequently Asked Questions:

Read More 

• Purposes of Owning a PAN Card
• How to Apply for a PAN Card?
• Required Documents for PAN Card For a Private Limited Company