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PAN to avoid deductions on the remittances

Posted @ January 10, 2014, 8:07 pm under (Tax - General)

Foreign company which intends to do business in India must register for a PAN (Permanent account number), to avoid excessive deductions on the remittances withheld.

The Indian Income Tax Department introduced a protocol on April 1st 2010 that all international companies that wish to do business, receive remittances, sell products & services and get invoices paid need to furnish an Indian PAN number in the name of their company. In absence of a PAN, they have to pay much higher withholding tax rate; which at times could be over 30% on their total invoiced payment.

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