Permanent Account number is a unique Ten Digit Alphanumeric number issued by
Income Tax department in the form of Laminated card. It is like a Social
Security Number (SSN) issued to Residents of US. It is better known as
Indian tax Number.
Every company "Incorporated Outside India" is better known as Foreign company as
per Indian laws. With the Increase in Business opportunities, large number of
foreign companies are exploring Indian markets with the aim of reaping some benefits
from Business perspective.
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.
Any foreign company holding Indian PAN card can also claim benefit of all
taxes withheld in India by filing taxes in India. Indian Income tax return
is a proof of all taxes paid in India, so that Income generated from India
may not lead to Dual taxation.
Please do write into firstname.lastname@example.org to get our quote for PAN card processing in India. You can Visit www.eindiatax.com or you can also drop an e-mail at email@example.com if you have any queries regarding Indian taxes or tax withholding Issues.
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