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June 2014

Applicability of PAN requirement for Foreign Nationals

By Sejal Vasa Company Secretary
Reading Time 1 mins
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The Ministry of Corporate Affairs has vide General Circular No. 11/2014 dated 22nd May 2014, has clarified that the PAN details are mandatory only for those foreign nationals who are required to possess “PAN” in terms of provisions of the Income Tax Act, 1961 on the date of application for incorporation while filing Form INC -7 for incorporation of Company. Where the intending Director who is a Foreign National is not required to compulsorily possess PAN, it will be sufficient for such a person to furnish his/her passport number, along with undertaking stating that provisions of mandatory applicability of PAN are not applicable to the person concerned. The form of Declaration is required to be made in the proforma given in the circular.

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