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PAN CARD For Regd.Prop.ship Firm, Income Tax |
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PAN CARD For Regd.Prop.ship Firm |
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Sir, I want to know that is it compulsory PAN CARD No. for a Registered Proprietorship Firm. Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
For a proprietory concern, there is no need to apply for a PAN in the name of the firm. It is enough, if the proprietor have a PAN in his individual name.
In case of a proprietorship firm, the permanent account number is not separate from its owner. The same pan of the proprietor shall be used. Therefore, there is no need for a separate permanent account number in case of a proprietorship firm.
Section 139A of the Income Tax Act, 1961 specifies the situations in which it is mandatory to obtain PAN. In case a proprietary concern intends to obtain PAN, then it has to be obtained in the name of the proprietor and it cannot be obtained in the name of the proprietary concern.
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