PAN Application for Partnership Firms: Application And Documents Required
PAN Card For Students: Application Process And Documents Required
31 January 2022
List Of Aadhaar Card Enrolment Centres In Gurgaon, Haryana
31 January 2022Anyone in India can form a partnership firm through an oral or written agreement. The Partnership Act, 1932 regulates such firms. These entities need to have a PAN card for filing income tax returns.
Scroll through this article to understand the PAN card application procedure for partnership firms!
Table of contents
Requirements Before PAN Application
A firm’s partners should finish these formalities before applying for a PAN card:
- Notarise the firm’s partnership deed
- One partner must be given authority (defined as an authorised partner) to sign on the firm’s behalf and serve as a manager
- The partnership deed must specify the place and date of origin of business
- Partners of a firm and two witnesses should sign every page of the deed.
- Stamp the deed with a rubber stamp, carrying the partnership firm’s name and the term ‘partner.’
Documents Necessary for PAN Application
Keep these documents ready while applying for a Permanent Account Number:
- Partnership firm’s registration certificate
- Proof of address of partners
- Identity proof of each partner
- Address proof of office documents such as utility bills (past 3 months), owner’s NOC, sale deed or rental agreement
- Authorised partner’s digital signature certificate
Also Read: PAN Card For Minors
PAN Card Application Procedure for Partnership Firms
A firm’s authorised partner can opt for a PAN through offline or online mode.
Online Avenue
- Go to NSDL’s official portal
- Choose ‘New PAN – Indian Citizen (Form 49A)’ from the drop-down menu of the ‘Application Type’ section
- Next, choose ‘Firm’ in the drop-down menu of the ‘Category’ section
- Fill in the firm’s details, documents, business code, earning details and contact information
- Select a payment mode such as net banking, cheque, DD, debit card or credit card and pay Rs. 110
- After payment, you need to print out the acknowledgement slip
- An authorised partner must paste a passport-sized photograph on the acknowledgement slip (attest this photograph using a black pen)
- You should submit the acknowledgement slip along with the relevant documents to the IT Department within fifteen days of applying online
Post verification of the documents, you will receive a PAN card at the firm’s registered office within 15 to 20 days.
Offline Avenue
- Go to a nearby PAN Centre (office of TIN-FC) and ask for Form 49A (application form)
- You may even download this form from the official portal of TIN
- Next, fill out the form with a black coloured ball-point pen
- An authorised partner must put his/her signature on the form
- Now, submit Form 49A and relevant documents to the TIN-FC office and pay Rs. 110 as registration fees
After document verification, you will receive the PAN card at the partnership firm’s registered office within 15 to 20 days. You can check PAN status online using the acknowledgement number provided after form submission.
Also Read- Uses And Benefits Of PAN Card
Details Required in Form 49A
A partner must furnish these details in the PAN application form:
- Provide the firm’s name as mentioned in the Certificate of Registration (the Registrar of firms issues such a certificate, with M/S used before the applicant’s name)
- Mention the firm’s incorporation date as specified in the partnership deed
- Specify the firm’s office address as mentioned in the deed
- In the ‘Status of Applicant’ section, select ‘Partnership Firm’
- Give the partnership firm’s registration number as per the deed
- In the ‘Source of Income’ section, select ‘Income from business/profession’
- Select the relevant business code depending on the firm’s business
- Specify necessary documents you are submitting with Form 49A/ acknowledgement slip (for online mode of application) to the IT Department/TIN-FC office
- Provide the authorised partner’s name in the declaration section
- The authorised partner must put his/her signature on the form
Chart of Business Codes
| Business/Profession | Code |
| Medical profession | 01 |
| Engineering | 02 |
| Architecture | 03 |
| Chartered accountancy | 04 |
| Interior decoration | 05 |
| Technical consultancy | 06 |
| Company secretary | 07 |
| Legal practitioner | 08 |
| Government contractor | 09 |
| Insurance agency | 10 |
| TV, films and other forms of entertainment | 11 |
| Information technology | 12 |
| Developers and builders | 13 |
| Members of sub-brokers, share brokers and stock exchange | 14 |
| Yatra and performing arts | 15 |
| Operation of helicopters, aircraft, hovercraft and ships | 16 |
| Plying commercial vehicles, buses, trucks, lorries and taxis | 17 |
| Ownership of jockeys or horses | 18 |
| Theatres and cinema halls | 19 |
| Others | 20 |
Refer to the above-mentioned list while selecting your line of business in the PAN application form.
Final Word
While opting for a PAN card, only 1 partner must sign Form 49A. You can correct any mistake in the form and resubmit it. You must keep photocopies of the registration certificate and the partnership deed handy.
Frequently Asked Questions
Ans: Any individual, foreigner, society, trust, partnership firm, company and HUF can opt for a PAN card. It has lifetime validity. PAN is unique for every entity or individual. A Permanent Account Number is mandatory for filing ITR.
Ans: When applying for a Permanent Account Number, an individual needs 2 kinds of documents─ identity proof and address proof. An individual must furnish any two of the below-mentioned documents while opting for a PAN card:
Driving licence
Voter ID
Passport
Aadhaar card
Ans: For correcting or updating PAN details, a person must pay a charge. The same amount applies to new PAN registration and correction/update. The fees are as follows:
Rs. 1,020 for communication address in a foreign country
Rs. 110 for communication address in India
Ans: You can check your Permanent Account Number status in the following way:
Go to the official website of NSDL
Under the ‘Application Type’ section choose ‘PAN-New/Change Request’ from the drop-down menu
Give your acknowledgement number and press ‘Submit’
The page will display your PAN status.
Ans: A taxpayer must obtain a Permanent Account Number because of the following reasons:
For filing income tax returns
To carry out high-value financial transactions
For business registration
It serves as an identity or address proof
It is also a vital document for selling or purchasing shares, mutual fund units, and other assets.
Before you go…
- Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Install the Navi app now!
- Or, maybe you’re looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to Rs. 10 crores. Install the Navi app now and get your instant in-principle approval right away! Interest rates starting at 6.46% p.a.
- How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just Rs. 241? Install the Navi app and get your policy in under 2 minutes
- Instead, want to put your savings into action and kick-start your investment journey 💸 But don’t have time to do research. Invest now with Navi Nifty 50 Index Fund, sit back, and earn from the top 50 companies.
