Blogs Frequently Asked Questions

Yes, the Income Tax Department makes a provision to get a PAN card in 2 days.

The fee for a PAN card application is Rs. 91 for an Indian communication address and Rs. 862 for a foreign communication address

Identity proof, Address proof, and Date of birth proof are the required documents for a PAN card.

Visit the official e-filing home page of the IT department, Click on the 'Instant E-PAN' option Click on the 'Check Status/Download PAN' button, and Enter your valid Aadhaar number and captcha code. These are the fastest ways to get a PAN card.

Yes, investing in the National Pension Scheme is a good option for NRIs. It provides higher returns and assists them in saving some taxes which makes it the right investment plan after their retirement.

80CCD 1B is a special tax benefit offered to NRIs in India. It allows savings of up to Rs 50000 tax when contributing to the NPS for NRI.

Well, it depends on the investment goals and risk tolerance of the person. If the individual gives priority to guaranteed, low-risk returns then PPF is a good option. However, if he/she is comfortable with fluctuations in the market for higher returns, then NPS is a better choice as it provides market-linked returns with flexibility in the allocation of assets.

The NPS scheme holds drawbacks like no withdrawal till maturity, not as tax-efficient upon maturity, lock-in period, partial exemption of tax, and limited exposure of equity.

The amount you invested in buying of Annuity is free from tax. However, the annuity income that you get in the subsequent years is not tax-free. You receive tax benefits when you withdraw up to 60% of the total corpus in a lump sum.

If the corpus is less than or equal to Rs 500000 then you are allowed to do lump sum withdrawal. However, if the amount is more than Rs 500000 then 60% is paid as a lump sum, and 40% of the accumulated pension is used to buy an annuity.

To open an NRI account, you need to submit ID proof, a copy of your valid visa, work permit, or OCI, address proof, PAN card or Form 60, Photographs, Proof of Indian origin, utility bills, etc.

Yes, you can open an NRI account from the USA. Several banks like DBS, HDFC, ICICI, and Bank of Baroda offer NRI account opening services. You can open an account in any of these banks. However, make sure to seek professional advice if you are a permanent resident of the US.

To open an NRI account, one has to fulfill certain criteria and submit some required NRI account documents. You need to qualify as an NRI, PIO, or OCI to open an NRI account. Also, you must spend a minimum of 182 days outside India in the preceding fiscal year. You need to be 18 years or older to open an NRI account.

Yes, you can open an NRI account online with several banks. It includes SBI, Yes Bank, ICICI Bank, Axis Bank, South India Bank, Bank of Baroda, etc. You need to fill out an online application form on the bank’s official website to open an NRI account online.

In India, you can reissue your passport up to one year before it expires or within three years of its expiry

Yes, the Indian passport is a biometric passport, also known as an ePassport.

Normal scheme: The wait time is 30 to 60 days. Tatkaal scheme: The passport renewal time is 3–7 days

It is an Indian passport that allows the holder to travel abroad without needing government permission

The 'Tatkal' passport facility is a fast passport application process. The Ministry of External Affairs introduced this. It allows people to apply for a passport and receive it quickly if they want to travel out of India in urgency. This service is available for both fresh and reissue of passports.

Yes, minors can apply for a passport under the Tatkal scheme in case of any urgency. They will have to pay the applicable tatkal fee for minors as per the service they choose.