Resident Director of Foreign Companies to Submit PAN at the time of Incorporation

Dated: 10.06.2014

Sub:  Applicability of PAN requirement for Foreign Nationals

In continuation of the General Circular No. 12/2014 dated 22.05.2014 regards the above subject, it is clarified that the provisions of the said Circular are applicable to a Foreign National who is a subscriber/ promoter at the time of incorporation of the Company.

2.   In  case  the  said  subscriber/promoter,  does not possess Permanent Account Number (PAN), he/she shall furnish a declaration in the prescribed proforma, as an attachment to the Incorporation Form (INC-7).

3.  Further, it is clarified that, in case of a Resident Director of the proposed company he/she shall be required to  submit PAN details at the time of incorporation.

4.  This issue with the approval of the Competent Authority.

F. No: 01/12/2013 CL-V

Yours faithfully

Encl- Undertaking

(Sanjay Kumar Gupta)

Deputy Director

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Undertaking

I_________ (name)_______son of __________(father’s name)________      , citizen of___________(nationality) R/o(Address) _____________having passport No.__________   (passport Number)___________hereby declare as under:

(i)  That I am not required to obtain Income Tax Permanent Account Number (PAN) under the provisions of Income Tax Act, 1961;

(ii) That in view of the above I have not been issued any PAN; and

(iii) That I undertake to furnish to the Registrar of Companies (mention jurisdiction) details of my PAN as soon as a Permanent Account Number is allotted to me.

(Signature)

Name of the Person