Question

Which document is no longer required for non-residents and foreign companies opening bank accounts in IFSC Gift City, according to the amended Income Tax Rules?

A Passport Correct Answer Incorrect Answer
B Aadhaar Card Correct Answer Incorrect Answer
C PAN Card Correct Answer Incorrect Answer
D Voter ID Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

The Finance Ministry has amended Income Tax Rules and so now the non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration.The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India.

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