PAN Card for Partnership Firm in India
Partnership firm in India can be formed by anyone either by written or oral agreement. These firms are governed by the Partnership Act of 1932.
Under this agreement, two or more people agree to share the profits earned through the business, which is run by all partners or any one of them.
For the purpose of Income Tax, partnership firms are required to submit a partnership deed as proof of their existence. Along with this, a PAN Card application form 49A is also required.
Formalities Before Applying for a PAN Card for a Partnership Firm
Before you make an application for a PAN Card, the partnership firm must complete certain formalities to ensure a smooth PAN application.
- The partnership deed should be prepared and duly notarized by a notary in India.
- The deed must define one partner as the managing partner who has been authorized to sign on behalf of the firm.
- The date of partnership being formed should be mentioned.
- The address of the firm should be mentioned in the partnership deed.
- All pages of the deed must be signed by all partners, and two or more witnesses.
- A rubber stamp bearing the name of the firm, with the word "partner" at the bottom must be made. This can be used by the managing partner to sign the application form for PAN Card.
How to Apply for a PAN Card for a Partnership Firm Online?
Apply PAN Card for Partnership Firms Online
Step 1 - You can apply for your Partnership's PAN Card online on the Income Tax Department's website.
Step 2 - Select "New PAN for Indian Citizen". This is also known as Form 49A.
Step 3 - Read the instructions carefully before you fill out the application.
Step 4 - Select the category of applicant as "Firm".
Step 5 - Fill up the application form.
Step 6 - Select your mode of payment.
Step 7 - You can choose between cheque, demand draft, credit card, debit card and net banking.
How to Apply for a PAN Card for a Partnership Firm Offline?
Step 1 - Apply for a PAN Card offline by visiting a TIN FC.
Step 2 - An application form will be given to you.
Step 3 - You must fill it in with a black ball point pen.
Step 4 - The managing partner will have to sign the form, or use the rubber stamp.
Step 5 - Submit the form and the fee required.
Tips on PAN Cards for Partnership Firm
- ✅ Only one partner is required to sign the form.
- ✅ The form should be filled only by a partner.
- ✅ Any errors in the form can be rectified and resubmitted.
- ✅ Keep a copy of the Partnership Deed or Certificate of Registration ready.
- ✅ No photograph is required.
- ✅ An application fee of Rs.105 will be charged.
- ✅ PAN Cards for partnership firms should be delivered within 15 days from the application date.
- ✅ You will be able to track your PAN Card online with the acknowledgement number you receive after submitting your form.
Process to Fill PAN Card Application Form for a Partnership Firm
The Process to fill the PAN Card application form for Partnership Firms are explained below:
Step1 - Enter the firm's name as it is in the Certificate of Registration or in the Partnership Deed. As the partnership is a non-individual, you can select "M/S" and start writing the name from the first block which is meant for the surname. The name you mention here in the form will be the name printed on the PAN Card.
Step 2 - Enter your date of incorporation as mentioned in the partnership deed.
Step 3 - Enter your office address as mentioned in the partnership deed. For "Status of Applicant", you can select "Partnership firm".
Step 4 - For "Source of Income", you can select "Income from business or profession". Or select the choice that is applicable to your firm.
Step 5 - You then need to select your Business code based on the business you are conducting.
Step 6 - Mention what documents you are submitting for proof of identity, proof of address, and date of birth. You can submit your Partnership deed. If your firm has been registered with the Registrar of Firms, you can submit a copy of the Certificate of Registration.
Step 7 - In the "Declaration" section, the authorized partner must write their name, place and date.
Business Code in PAN Application
Code | Profession or Business |
01 | Medical Profession and Business |
02 | Engineering |
03 | Architecture |
04 | Chartered Accountancy |
05 | Interior Decoration |
06 | Technical Consultancy |
07 | Company Secretary |
08 | Legal Practitioner and Solicitors |
09 | Government Contractor |
10 | Insurance Agency |
11 | Films, TV and other such entertainment |
12 | Information Technology |
13 | Builders and Developers |
14 | Members of Stock Exchange, Share Brokers, and Sub-Brokers |
15 | Performing Arts and Yatra |
16 | Operation of Ships, Hovercraft, Aircrafts and Helicopters |
17 | Plying Taxis, Lorries, Trucks, Buses and Commercial Vehicles |
18 | Ownership of Horses or Jockeys |
19 | Cinema Halls and Theatres |
20 | Others |
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FAQs on PAN Card Application Process for Partnership Firm
- How does the Partnership Act define a partnership firm?
According to the Partnership Act, a partnership firm involves two or more individuals joining together to carry out a business or profession, agreeing to share both profits and losses.
- Why is a partnership deed necessary for a partnership firm?
A partnership deed, executed by all partners, outlines the terms and conditions of the partnership, including profit-sharing ratios and other important aspects of the business relationship.
- Is it mandatory for a partnership firm to file tax returns?
Yes, under the Income Tax Act of 1961, partnership firms are required to file tax returns annually, regardless of their profit or loss.
- What role does a PAN card play in a partnership firm?
A PAN card is mandatory for partnership firms for income tax filing purposes, serving as proof of the firm's existence.
- What are the prerequisites for obtaining a PAN Card for a partnership firm?
Before applying for a PAN Card, partners must notarize the partnership deed, appoint an authorised partner, mention the firm's formation details, and ensure all partners and witnesses sign the deed.
- What documents are required for a PAN Card application for a partnership firm?
Documents such as the partnership deed, digital signature certificate of the authorised partner, proof of office address, identity and address proofs of partners, and the certificate of registration are necessary.
- What is the process for applying for a PAN Card online for a partnership firm?
Partners can apply online through the NSDL website, fill out the form, make the payment, send the acknowledgement slip with required documents to the Income Tax Department, and await verification and dispatch of the PAN Card.
- How can partners apply for a PAN Card offline for their partnership firm?
Partners can obtain Form 49A from a PAN Centre or online, fill it out, submit it to the TIN-FC office with the required documents and fees, and track the application status using the acknowledgement number.
- What details are required on the PAN application form for a partnership firm?
The application form should include the firm's name as per the registration certificate, date of incorporation, office address, status of the applicant as a partnership firm, business code, and signature of the authorised partner, among other details.
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