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!
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.
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
Q1. Who can apply for a Permanent Account Number?
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.
Q2. Which documents does an individual require while applying for a PAN?
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
Q3. What is the fee for updating an existing 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
Q4. How to track PAN status online?
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.
Q5. Why does a person require a Permanent Account Number?
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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