The Partnership Act, 1932 regulates firms in India that form a partnership through an oral or written agreement. These firms need to have a PAN card to file Income Tax Returns (ITR). Here’s everything you need to know about PAN application for partnership firms – how to apply for a PAN card for Partnership firms online and offline, details the firms are required to furnish in Form 49A, business codes and documents required. Keep reading!
Before applying for a partnership PAN card, a company must go over the following elements to confirm it as a partnership firm.
A firm’s partners should finish these formalities before applying for a partnership firm PAN card:
Keep these documents ready while applying for a Permanent Account Number:
A firm’s authorised partner can opt for a PAN through offline or online mode. Let’s check out the online mode first.
Follow the below steps for an online PAN application for a partnership firm:
Step 1: Click on NSDL Online PAN Application
To start an online PAN application for partnership firms, visit the NSDL online PAN application site.
Step 2: Select Form 49A
Choose ‘New PAN – Indian Citizen (Form 49A)’ from the drop-down menu of the ‘Application Type’ section.
Step 3: Choose ‘Firm’
Next, choose ‘Firm’ in the drop-down menu of the ‘Category’ section.
Step 4: Enter other details
Fill in the firm’s details, documents, business code, earning details and contact information.
Step 5: Make payment
Select a payment mode such as net banking, cheque, Demand Draft, 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). Submit the acknowledgement slip along with the relevant documents to the Income Tax 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.
To apply for a PAN card for a partnership firm offline, follow the below steps:
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.
A partner must furnish these details in the PAN application form:
|TV, films and other forms of entertainment||11|
|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|
Refer to the above-mentioned list while selecting your line of business in the PAN application form.
One should keep these points in mind while applying for a partnership firm PAN card:
While opting for a partnership firm 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. A PAN card for partnership firm is helpful for filing ITR and also acts as proof of the firm’s existence. So, go ahead and apply now!
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:
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.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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