India Issues New Permanent Account Number (PAN) Application Form 49AA For Foreign Residents/Entities: Nair & Co by EON


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									India Issues New Permanent Account Number
(PAN) Application Form 49AA For Foreign
Residents/Entities: Nair & Co.
November 03, 2011 09:03 AM Eastern Daylight Time 

SUNNYVALE, Calif.--(EON: Enhanced Online News)--The Income Tax Department of India recently issued a
new PAN (Permanent Account Number) application form (Form No. 49AA) for foreign residents/entities.

Foreign companies involved in business transactions in India need to apply for a PAN to avoid a higher withholding
tax that is applicable to non-PAN holders. An Indian payer has to deduct tax at the rate of 20% or the applicable
rate, whichever is higher, from payments made to a non-PAN holder payee.

The higher withholding tax rate applies to a foreign payee even if such payee does not have any entity, employee or
presence in India.

The new application form, effective from November 1, 2011, applies to:

    l   Companies registered outside India;
    l   Individuals not being citizens of India;
    l   LLPs registered outside India;
    l   Firms or Association of persons (Trusts or otherwise) formed or registered outside India;
    l   Other specified entities registered outside India.


About Nair & Co.

Nair & Co. provides you with your one touch outsourcedfinance, compliance, HR and legal department for your
international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with
minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have
core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100
outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP).
Learn more at

Nair & Co.
Nandita Verma/Sigi Achappa
Gutenberg Communications for Nair & Co.
Stefanie Cannon

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