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Dear [{Name}],
Greeting from ICICI Securities!
This is further to the Permanent Account Number (PAN) Aadhar linking requirements specified by CBDT, SEBI and other regulatory bodies for conducting financial market transactions. We wanted to draw your attention to the below important points regarding your ICICIdirect NRI account: |
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As on July 1, 2023, your PAN was marked “Inoperative” by Income Tax Dpt since your PAN was not linked with Aadhaar or your Jurisdictional Assessing Officer (JAO) was not yet communicated of your Resident Status being NRI |
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As per Section 26AA, if the PAN becomes “Inoperative”, your sell transactions will attract 23.92% TDS (Tax 20% + Surcharge 15% +Cess 4%) irrespective of Long term or Short term capital gains. There will be no change in TDS on F&O contracts which will continue to be deducted at 42.74 % |
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Furthermore, if your PAN remains “Inoperative” beyond November 18, 2023, your ICICIdirect NRI trading account will be “Disabled” and you will not be able to further trade/invest in Equities and other products from your trading account |
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| Further, since PAN itself is inoperative you may not get the credit of tax deducted.
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| You may get yourself compliant and make your PAN operative in 2 ways |
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| Link PAN & Aadhaar |
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| If you are NRI and possess Aadhaar card, you are required to link it with PAN. You can also apply for a Aadhaar card and link it to PAN. You can take an appointment online; however biometrics will require physical presence in India at the Aadhaar Kendra. Once Aadhaar card is issued, kindly link it to PAN. |
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| Contact your Jurisdictional Assessing Officer |
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If you are NRI and do not possess an Aadhaar, you will have to update your “Resident Status” with the Income Tax Dept. This can be done by submitting an application over email to your Jurisdictional Assessing Officer (JAO), details of whom can be found on the Income tax Portal. You will have to Email an Application to your JAO with a copy of your PAN card, Passport and proof of residence outside India so that your Resident Status can be updated in the PAN database. Follow the below snapshot instructions for fetching your JAO Details.
Follow the below path to know your JAO details.
Visit Income Tax Portal (Link - https://www.incometax.gov.in/iec/foportal/) – Quick Links – Know your AO – Validate with PAN and Mobile OTP – Scroll down for JAO email ID |
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| *Kindly note – PAN-Aadhaar linking compliance is also mandatory for Joint Holders of Demat accounts and Mutual Fund Portfolios. |
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| Important notice for all NRIs who fail to comply with the PAN-Aadhaar linking directive |
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| The tax related solution/advice (‘Tax Advice’) provided by the Tax Advisor represents views/opinions of the Tax Advisor and shall not in any way reflect/represent the views/opinions of ICICI Securities Limited. ICICI Securities has only acted as a facilitator and has no expertise on Tax related aspects. The mere involvement of ICICI Securities as a facilitator does not constitute any endorsement of Tax Advice by ICICI Securities. ICICI Securities assumes no responsibility and disclaims any and all liability to any party for any direct, indirect, implied punitive, special, incidental or other consequential damages (including loss of profit) arising directly or indirectly from the advice/solutions provided by Tax Advisor. |
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For any queries you may contact us on
+91 2239140422 or write to us at nri@icicidirect.com. |
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| NRIs in below mentioned countries can contact us on our toll free numbers |
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| USA |
United Arab Emirates |
Singapore |
United Kingdom |
Australia |
| 18339651642 |
80001830040 |
8001014621 |
8000291679 |
1800976163 |
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