PAN Card for Partnership firm

The regulation of all partnership firms in India is in accordance with the Indian Partnership Act of 1932. As stipulated in Section 4 of the Act, a partnership is defined as a relationship between two individuals who have mutually agreed to share the profits of a business conducted by any or all of them acting on behalf of the entire group. It is mandatory for all individuals involved in a partnership to possess a PAN card for the partnership firm.

During the process of filing the Income Tax Return, it is imperative to furnish either the certificate of registration or the partnership deed, serving as evidence of the firm’s existence. This documentation, along with the PAN Card application Form 49A, is required for compliance with the regulations.

What are the essential elements related to a Partnership firm?

Contract of Partnership

Number of Persons

Agreement to carry on business

Sharing of profits

Mutual agency in Partnership

Required documents to apply for PAN Card for Partnership Firm

A Partnership deed duly notarized by Notary in India

Date of formation of Partnership

Address of the Firm

Partnership deed should define one partner as a Managing Partner who will be responsible to sign on behalf of the firm.

All pages of deed should be signed by all the partners.

Rubber stamp with the name of Partner at the bottom. This can be used by the Managing Partner to sign the application form for PAN card.

Process to apply for PAN Card online for a Partnership firm.

• Log into the NSDL portal https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html
• Form is applicable for both Indian citizens residing in India and outside India.
• Applicants need to fill Form 49 A and then submit the form.
• If the data that is to be submitted, stuck at any level of the validation, then error(s) will be displayed on the screen.
• The application should rectify the error immediately and after that re-submit the form.
• If there is no error in formatting, a confirmation screen will be displayed with all the data which was filled by the applicant
• The applicant either does editing, if required or provide confirmation.
• After that, select the mode of payment. Payment can be done in any form that is Cheque, Demand Draft, Debit Card or Net Banking.

How to apply for PAN Card offline for a Partnership Firm?

• One should either collect a PAN Card application form from UTIITSL agents or download the PAN Card application from the website of UTIITSL.
• After that, fill all the required details in the PAN application form along with attaching the supporting documents such as identity proof, photographs, and address. Make sure that the applicant should fill the form with a black ballpoint pen.
• Submission of form along with supporting documents done at the NSDL office along with processing fee. PAN application fee for Partnership firms is Rs 105.
• Managing Directors need to make sure that form should be duly signed by him or her along with a rubber stamp on it.
• In the “Declaration” section, the authorized partner must write their name, place,and date.
• After the verification of all documents taken place along with the proper checking of details mentioned in the PAN Card application form by PAN authorities, PAN card will be sent at the mentioned address within 15 working days.

Things to keep in mind while filling PAN card application for Partnership Firms

• Enter the name of the firm as per it is mentioned in the Certificate of Registration of Partnership Deed. As 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 mentioned in the form will be the name printed on PAN Card.
• Enter the date of Incorporation as mentioned in the Partnership Deed.
• For ‘Status of Applicant’, you can select ‘Partnership Firm’.
• For “Sources of Income”, you can select an option “Income from business or profession”. Select the option which applies to your firm.
• You need to make a selection of your business code according to the business you are conducting.

Business Code

Code	Profession or Business
01	Medical Profession and Business
02	Engineering
03	Architecture
04	Chartered Accountant
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

• Mention the details of all documents you are submitting as an identity proof, address proof and date of birth proof. Along with that you can submit partnership deed. In case, your firm registered with Registrar of firms, you can submit copy of registration.
• In the ‘Declaration’ section, authorized partner write date, place and their name.

TIPS ON PAN CARD FOR PARTNERSHIP FIRMS

• Only one partner is required to sign the form.
• The form to be filled only by a Managing Partner.
• All errors in the PAN application form can be resubmitted and rectified.
• Keep a copy of Partnership deed or Certificate of Registration ready.
• No photograph is required
• You can able to track the PAN Card for Partnership firms online with the help of acknowledgment number you receive after submitting the form.