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.
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 the 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 the 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 ballpoint 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 acknowledgment number you receive after submitting your form
