Anyone 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!
A firm’s partners should finish these formalities before applying for a PAN card:
Keep these documents ready while applying for a Permanent Account Number:
Also Read: PAN Card For Minors
A firm’s authorised partner can opt for a PAN through offline or online mode.
Post verification of the documents, you will receive a PAN card at the firm’s registered office within 15 to 20 days.
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
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.
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.
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.
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