A partnership firm is a popular type of business in India. In this type of business, two or more people agree to share the business's earnings and losses via a partnership deed. To file an Income Tax Return, all partnership firms must have a valid PAN card. In this article, we will look at the paperwork required to apply for a PAN card for a partnership firm.
PAN card online application process for partnership firm
Partnership firms must follow certain procedures when applying for a PAN card. First, they must notarise the partnership deed and designate and authorise one partner to act as manager and sign on behalf of the firm. Furthermore, verify that the partnership firm's date of establishment and place of business is indicated in the partnership deed. All partners and two additional witnesses must sign each page of the deed. Finally, the partnership deed must be stamped and authorised with a rubber stamp that includes the name of the partnership firm and the word 'partner'.
Along with an application form 49A and the partnership deed, the following documents must be submitted as proof:
- a digital signature certificate (DSC) of the authorised partner
- proof of office address such as a rental agreement, a sale deed, an NOC from the owner, utility bills no older than three months,
- proof of identity and proof of address of all partners
- an attested affidavit stating that all facts provided are accurate and true
- a certificate of registration
PAN card application form for partnership firms
Partnership firms can apply for a PAN card both online and offline.
Follow these simple steps to apply online:
- Go to the NSDL's official website and pick 'New PAN - Indian Citizen (Form 49A)' from the 'Application Type' drop-down menu.
- Choose 'Firm' as your category
- Enter the partnership firm’s details under applicant details. Add the contact details, partnership firm income details, business code, and other information on the application form.
- Choose a payment method such as credit or debit card, DD, check, or net banking, and pay Rs. 110.
- Take a printout of the acknowledgement slip. Attach a recent passport-sized photograph of the authorised partner to the slip.
- Send the acknowledgement slip to the Income Tax Department together with the necessary papers. Do it within fifteen days of the online application.
Once the application is processed and the documents are verified, the PAN card will be sent to the partnership firm’s office address. This process generally takes 15-20 days.
To apply offline, go to the nearest TIN office and get a PAN application form (Form 49A). Fill out the paperwork with a black ballpoint pen, and have the authorised partner sign it. Then, submit the application form to the TIN office with the relevant documents and pay the Rs. 110 registration cost.
In conclusion, a PAN card is required for partnership firms to file tax returns and comply with tax rules. Applying for a PAN card is simple, and you can do it both online and offline. To apply for a PAN card, you must have all the relevant paperwork, including the partnership deed and certificate of registration.
