PAN Card for a Partnership firms

Anyone is allowed to start its partnership firms either by making an oral or written agreement according to Partnership Act 1932. Under this, two or more people can enter into a partnership and agree to share the business profits earned which is run by all or any one of them. To file an ITR of the same, the partnership firms are required to submit a partnership deed as proof of business existence. Along with this, a PAN card is also required.

Essential components of Partnership firm

  • Partnership Contract
  • Number of Persons
  • Agreement to carry on business
  • Profit-sharing ratio
  • Mutual agency in Partnership

Important facts about PAN Card for Partnership firms

  • Among all the partners, only one has to sign the PAN form.
  • One can rectify any errors in the form.
  • Always keep a partnership deed or certificate of registration in handy.
  • No photograph is required.
  • An application fee of Rs. 105 will be applicable
  • PAN cards for partnership firms should be delivered within 15 days from the application date.
  • Track your PAN Status online with the acknowledgment number you receive after submitting your form.

Formalities are required to be completed before applying PAN Card for Partnership Firms

  • Must have a partnership deed duly signed and notarized by the notary in India.
  • According to the Partnership deed, there must be one managing partners who has the authorization to sign on behalf of other partners.
  • The date of Partnership should be clearly defined.
  • The contact details including address of partnership firm should be mentioned in the deed.
  • All pages of the partnership deed must be duly signed by all partners, and two or more witnesses.
  • A rubber stamp signifying name of the firm, with the word "partner" at the bottom must be made. It is prepared for the use of the managing partner to sign the PAN Card application form.

Online procedure to apply PAN Card for Partnership

  • Log on to the Income Tax Department’s website.
  • Choose “New PAN for Indian Citizen" and start fill in PAN Form 49A
  • Read the instructions carefully before you fill out the application.
  • Choose the category of the applicant as "Firm".
  • Fill in the application form along with uploading the required documents to support the form.
  • Select your mode of payment.
  • You can choose between cheque, demand draft, credit card, debit card, and net banking.
  • Once you submit the form, you will receive an acknowledgment number.

The PAN card will be received by you within 15 working days.

Offline procedure to apply for a PAN Card for Partnership Firms

  • Visit the nearest center of PAN or one can also download the application form from UTIITSL or NSDL.
  • After getting the form 49A, start fill in the application form along with attaching of required documents. Always fill in the form with a black ballpoint pen.
  • Submit the form with supporting documents done at the NSDL or UTIITSL office along with the processing fee. PAN application fee for Partnership firms is Rs 105.
  • The form should be duly signed by the managing director of the partnership firm along with a rubber stamp on it.
  • In the "Declaration" section, the authorized partner must write their name, place, and date.
  • Post the verification of documents has taken place along with the proper checking of details mentioned in the PAN Card application form by PAN authorities, the PAN card will be sent to the mentioned address within 15 working days.

How to fill in the PAN application Form for Partnership Firms

  • Mention the name of the firm according to the Partnership deed or mentioned in the registration certificate of Partnership.
  • A Partnership is 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 will mention will get printed on PAN Card.
  • Provide the date of Incorporation according to the Partnership Deed.
  • For ‘Status of Applicant’, you can select ‘Partnership Firm’.
  • For “Sources of Income”, you choose the option “Income from business or profession”. Go with the option which applies to your firm.
  • The business code you will choose must be according to the business you are conducting.
  • Mention the details of all documents you are submitting as identity proof, address proof, and date of birth proof. Along with that, you can submit a partnership deed. In case, your firm is registered with the Registrar of firms, you can submit a copy of the registration.
  • In the ‘Declaration’ section, the authorized partner has to mention the date, place, and name.

List of business codes

Codes Business
1 Medical Profession
2 Engineering
3 Architecture
4 Chartered Accountant
5 Interior Decoration
6 Technical Consultancy
7 Company Secretary
8 Legal Practitioner and Solicitor
9 Government Contractor
10 Insurance Agency
11 Films, TV, and other such entertainment
12 Information Technology
13 Business 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