PAN Card for Partnership Firms
Under the Partnership Act of 1932, A partnership is a business arrangement in which two or more people work together to carry on a trade or business. The arrangement is governed by a partnership agreement, a contract between the partners that sets forth their rights and duties.
Like everyone, partnership firms must file taxes under the Income Tax Act of 1961. Hence, a PAN card for a partnership firm is a mandatory document required to file taxes.
Furthermore, the PAN card is proof of the business and is required for the firm to obtain a business license. It is also required to open a bank account in the firm's name.
Essential Elements of a PAN Card for Partnership Firm
A partnership firm is required to obtain a Permanent Account Number (PAN) from the Income Tax Department. The PAN is a ten-digit alphanumeric code that is unique to each taxpayer. The PAN requires the firm to file its income tax return and other financial transactions, such as opening a bank account, applying for a loan, or investing. The essential elements of a PAN card for a partnership firm are:
- The Partnership contract of the firm
- Number of partners in the firm
- The agreement of business
- Profit sharing ratio
- Developing mutually beneficial partnerships
Formalities Required before Applying for PAN Card
Before applying for a PAN card for a partnership firm, a few formalities need to be completed. Some of them have been listed below.
- Make sure a public notary notarises the firm's partnership deed.
- Designate one partner as the firm's manager (authorised partner) and grant him the authority to sign on behalf of the firm.
- Your partnership deed should mention the firm's formation date and address.
- Every partner and two additional witnesses must sign each page of the partnership deed.
- A rubber stamp with the words 'partner' and the name of the partnership firm should be used to stamp on the partnership deed.
How to Apply for a PAN Card Online for a Partnership Firm?
If you are a partnership firm, you can apply for a PAN card online through the NSDL or UTI Infrastructure Technology and Services Limited (UTIITSL) websites. To apply for a PAN card online, you must fill out an application form and submit it along with the required documents. Conversely, you can also apply for a PAN card offline. The steps below pertain to the online application process for a PAN Card for a partnership firm through NSDL and UTIITSL portals.
Online Application of PAN Card for a Partnership Firm (NSDL)
Step 1: Visit the 'Online PAN Application-NSDL' portal.
Step 2: Select the 'Application Type' as ‘New PAN - Indian Citizen (Form 49A)’
Step 3: Select your 'Category' from the drop-down menu as ‘Firm’
Step 4: Fill in the partnership firm details in the application form.
Step 5: Review and accept the terms and conditions, then enter the captcha displayed on your screen.
Step 6: Review the form and click on 'Submit.'
Step 7: A token number will appear on your screen and will also be sent to your email address.
Step 8: Click on 'Continue with PAN Application Form.'
Step 9: Furnish the business income details, communication address, and the firm's contact number.
Step 10: You will be directed to the payment page. Select the mode of payment and agree to the terms of service to continue.
Step 11: The fee amount of INR 110 and transaction ID will be displayed on the screen. Click on 'Pay Confirm.'
Step 12: You will be directed to a payment gateway. Select the preferred payment method and proceed with the transaction.
Step 13: Upon successful payment processing, an acknowledgement will appear on the screen.
Online Application of PAN Card for a Partnership Firm (UTIITSL)
Step 1: Visit the official website of UTIITSL
Step 2: Under the 'PAN Card Services' drop-down menu, click on 'Apply for PAN Card.
Step 3: Scroll down and click on 'PAN Card for Indian Citizen/ NRI'
Step 4: Click on 'Apply for New PAN Card (Form 49A)' on the next page.
Step 5: You will then be directed to Form 49A, where you can submit your application either physically or electronically. The digital mode offers DSC mode for firms.
Step 6: Determine the Applicant's status using the drop-down menu. Furthermore, you can request an e-PAN card or a physical PAN card.
Step 7: A reference number will pop up on the screen, save it for future reference.
Step 8: Fill in the firm’s details, date of incorporation, contact information, and address for communication.
Step 9: Upload the registration documents of the firm.
Step 10: Click on "Make Payment".
Step 11: After choosing a payment gateway option - BillDesk or PayU India - applicants will be redirected to the payment gateway site. The applicant can select either gateway based on the bank issuing the Applicant's payment card.
Step 12: The authentication pop-up will appear on your screen if your payment has been successful and you qualify for a PAN Card. Click on 'OK'
Step 13: You can download or print the acknowledgement slip for future reference.
How to Apply for a PAN Card Offline for a Partnership Firm?
One should follow the steps below to apply for a PAN Card offline for a partnership firm.
Step 1: Go to the nearest PAN centre and ask for Form 49A
Step 2: Alternatively, you can download the form from the official website of TIN- NSDL
Step 3: You must fill in the application form in black, and the authorised partner must attest to the same.
Step 4: Submit the form along with the required documents.
Additionally, you will be required to pay INR 110 as a part of the registration fees.
How to Fill Form 49A for a Partnership Firm?
Form 49A is used to apply for a PAN card for a partnership firm. The form must be completed and signed by the authorised partner of the firm. The following details must accompany the form:
- The firm’s name is under the name mentioned in the Certificate of Registration or the Partnership Deed.
- The date of incorporation of the firm.
- The official address of the firm is as per the partnership deed.
- The status of the applicant must be mentioned as ‘Firm.’
- Select the source of income from the business.
- The business code must be mentioned as per the business you are doing
- The authorised partner must sign and furnish the date and place for the application declaration.
Tips on PAN Card for Partnership Firm
Once the PAN card is issued, it will be valid for the lifetime of the Partnership Firm. However, it is important to keep the PAN card updated in case of any changes in the firm, such as a change in address, a change in partners, etc. There are a few things to keep in mind while applying for a PAN card for a Partnership Firm:
- The PAN application form must be filled and attested by only the authorised partner of the firm
- The form can be revised and uploaded again if there are any errors.
- Ensure you have a copy of the Partnership Deed or the Registration Certificate.
- On completion of the form, a registration fee of INR 110 is required to be paid.
- The PAN card will be delivered in 15 days.
What Should you Avoid While Applying Form 49A for a Partnership Firm?
There are a few things that you should avoid doing while you are in the process of applying for a PAN card for a partnership firm.
- It is not recommended to overwrite the form.
- First and last names/surnames should not be abbreviated.
How to Check the Status of PAN Card for Partnership Firms?
Using the acknowledgement number provided during the application process, you can track the status of your duplicate PAN card:
Step 1: Visit the official website of TIN NSDL.
Step 2: Under the 'application type' tab, select 'PAN-New/Change Request.'
Step 3: Enter the acknowledgement number and click on submit.
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Frequently Asked Questions (FAQs)
What is the process for checking my PAN card status for a partnership firm?
You can check your PAN card status by visiting the official website of NSDL. Enter the acknowledgement number provided to you and track the status.
Is it mandatory to have a PAN card for a partnership firm?
Yes, a partnership firm must have a PAN card or various financial transactions such as filing income tax returns, making tax payments, etc.
Is it possible for an unregistered partnership firm to apply for a PAN card?
Yes, an unregistered partnership firm can apply for a PAN card.
Is it mandatory to register partnership firms?
Under the provisions of the Partnership Act of 1932, registration of partnership firms is not compulsory.