Ashok (Accountant) (44 Points)
25 June 2015Hi,
My brother got PAN card when he was a Indian Citizen. Now, he has US Citizenship. Do he need to update PAN card with this change? Also, do he need to update all bank accounts (NRI accounts, regular checking accounts, etc.) with the change?
Thank you.
Ashok
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 26 June 2015
Hi,
No need to intimate. If your brother drawing any income beyond exemption limits on Indain PAN, then he has to file income tax return, else he can ignore the same.
It is better to convert the account to NREas he is no more living in India and also the money deposited in such accounts are tax free. Contact the banker for more info on bank account n its benefits.
Thanks,
Suri
CAclubindia
