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1. What is Form 49AA? 

A. Form 49AA is a form for the NRIs to urge a PAN card. 

B. PAN card may be a 10digit alphanumeric number that is given by the tax department of India to all or any income-earning individuals. 

C. The PAN card is allotted to all or any Indian citizens and Indian citizens living abroad. D. Form 49AA is initiated under Rule 114 by the tax Rules 1962. 

2. Why is form 49AA used? 

The Form 49AA of PAN cards is split into categories and subsections to form the method of filling the shape easier. The structure of form 49AA is analogous to 49A, an applicant has to fill in general details like Name, parent’s name, AO code, Address, source of income etc. In form 49AA, an applicant also has got to fill in Know Your Customer (KYC) details:

In the case of Individuals:

● Marital status 

● Citizenship status 

● Occupation Details 

In the case of non-individuals: 

● Type of company- Private Company, Public Company, Body Corporate, financial organization, Non-Government Organization or Charitable Organization.

● Gross Annual Income in Indian rupees. 

● Net-worth (Assets fewer liabilities) in Indian rupees. 

● Does it have few persons or persons of an equivalent family holding beneficial ownership and control? 

● Is the entity involved/providing any of the subsequent services- exchange, exchanger Services, Gaming/Gambling/Lottery services (Casinos and Betting Syndicates) or Money Lending, Pawning?

● Whether the applicant or the applicant’s authorized signatories/trustees/office bearers are politically exposed or associated with a politically exposed person. 

● Taxpayer number within the country of residence.

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