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  • PAN Card for Partnership Firm

    Partnership firms 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 partner or any one of them. For the purpose of Income Tax, partnership firms are required to submit a partnership deed as proof of its existence. Along with this, a PAN card application form 49A is also required.

    Before applying for PAN Card for Partnerships

    Before you make an application for a PAN card, the partnership firm must complete certain formalities to ensure 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.

    PAN Card for Partnership Firms Online

    You can apply for your Partnership’s PAN Card online on the Income Tax Department’s website.

    • Select “New PAN for Indian Citizen”. This is also known as Form 49A.
    • Read the instructions carefully before you fill out the application.
    • Select the category of applicant as “Firm”.
    • Fill up the application form.
    • Select your mode of payment.
    • You can choose between cheque, demand draft, credit card, debit card and net banking.

    PAN Card for Partnerships Offline

    Apply for a PAN card offline by visiting a TIN FC.

    • An application form will be given to you.
    • You must fill it in with a black ball point pen.
    • The managing partner will have to sign the form, or use the rubber stamp.
    • Submit the form and the fee required.

    PAN Card application for Partnership Firm

    The Process to fill the PAN Card application form for Partnership Firms are explained below:

    • 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.
    • Enter your date of incorporation as mentioned in the partnership deed.
    • Enter your office address as mentioned in the partnership deed.
    • For “Status of Applicant”, you can select “Partnership firm”.
    • For “Source of Income”, you can select “Income from business or profession”. Or select the choice that is applicable to your firm.
    • You then need to select your Business code based on the business you are conducting.
    • 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.
    • In the “Declaration” section, the authorized partner must write their name, place and date.

    Business Code

    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

    Tips on PAN Card for Partnership Firms

    • 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.

    News About PAN Card for Partnership Firm

    • Pan card for business organisations on the anvil

      A proposal to launch PAN cards for business organisations was recently put forth to the government, with the government keen on implementing this proposal. While still in its draft stages, successful implementation could result in streamlining of the entire process, facilitating faster registration of companies. Another suggestion to register companies through an integrated E-biz platform was also recommended.

      04th April 2016

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