NR promoters not required to obtain PAN under I-T Act are exempted from filing its details on Co.'s incorporation

SECTION 7 OF THE COMPANIES ACT, 2013 - INCORPORATION OF COMPANY - APPLICABILITY OF PAN REQUIREMENT FOR FOREIGN NATIONALS

GENERAL CIRCULAR NO.16/2014[F.NO.01/12/2013 CL-V], DATED 10-6-2014

In continuation of the General Circular No. 12/2014 dated 22.05.2014 regarding 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.

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.

Date:
Place:	(Signature)
	Name of the Person