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:
Here are the documents required for partnership firm PAN Card :
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:
To start an online PAN application for partnership firms, visit the NSDL online PAN application site.
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, 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.
Step 1: Purchase a copy from a UTIISL agent or download the PAN card application form from the NSDL or UTIISL websites.
Step 2: Complete the form and attach any supporting documents (proof of identity, address and photographs)
Step 3: Submit the form and documents, along with the processing fee, to the NSDL office.
Step 4: The PAN card will be mailed to the specified address within 15 business days.
Step 5: The partner must sign or use the rubber stamp on the form
Step 6: Submit the form and the required fee.
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 you submitted your form.
A partner must furnish these details in the PAN application form:
Step 1: 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)
Step 2: Mention the firm’s incorporation date as specified in the partnership deed
Step 3: Specify the firm’s office address as mentioned in the deed
Step 4: In the ‘Status of Applicant’ section, select ‘Partnership Firm’
Step 5: Give the partnership firm’s registration number as per the deed
Step 6: In the ‘Source of Income’ section, select ‘Income from business/profession’
Step 7: Select the relevant business code depending on the firm’s business
Step 8: Specify necessary documents you are submitting with Form 49A/ acknowledgement slip (for online mode of application) to the IT Department/TIN-FC office
Step 9: Provide the authorised partner’s name in the declaration section
Step 10: The authorised partner must put his/her signature on the form across the photo that is affixed to the left top corner of the form
Step 11: The form should be filled only in English, with block letters and preferably in black ink.
Step 12: In the space provided on the top corners of the form, the applicant must attach two recent colour photographs. Ensure that the photographs are not stapled or clipped to the form because they will be displayed on the PAN card.
Step 1: Enter the firm’s name as it appears on the Partnership Deed or Certificate of Registration. The name you enter here will be the same as the name on your PAN card, so enter it carefully.
Step 2: Enter the Partnership Deed’s Date of Incorporation.
Step 3: Mention your office address as it appears in the Partnership Deed.
Step 4: Select the applicants’ status as a Partnership Firm.
Step 5: Enter the firm’s registration number.
Step 6: In the source of income column, select business or another option as appropriate.
Step 7: In the provided space, list the documents required for Proof of Identity, Proof of Address, and Date of Incorporation.
Step 8: The managing partner will sign mentioning his or her name, location, and date in the declaration column
|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 rectify 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 firms is helpful for filing ITR and also acts as proof of the firm’s existence. So, go ahead and apply now!
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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.
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:
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
You can check your Permanent Account Number status in the following way:
1. Go to the official website of NSDL
2. Under the ‘Application Type’ section choose ‘PAN-New/Change Request’ from the drop-down menu
3. Give your acknowledgement number and press ‘Submit’
4. The page will display your PAN status.
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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