PAN

How to Apply PAN Card for New Partnership Firm Where 1 Partner is a Private Limited Company? Introduction A Partnership firm can be defined as the formal relationship between two or more persons who have agreed to share the profits of the business carried on by all or by any one of them acting for all at their agreed profit sharing ratio. In India Partnership firms are governed by the Indian Partnership Act, 1932, which extends to the whole of India except the State of Jammu and Kashmir. Who can be a Member of a Firm? Any person (whether natural or juristic) who can enter into the contract can become a partner in the partnership firm Who has attained the age of majority according to the law i.e. 18 years. Who is of sound mind. Is not disqualified or debarred from entering into contract as provided by the law. Information on Persons which can enter into a Partnership Firm Individual: An individual, who is competent to enter into the contract by meeting the mentioned above criteria, can become a partner in the partnership firm. An individual can become a partner in the partnership firm in his capacity as well as in a representative capacity. Firm: A partnership firm cannot be assessed as a person and therefore a firm cannot enter into partnership with any firm or individual. Hindu Undivided Family: The Karta of the Hindu undivided family is competent to enter into contract and thus can become a partner in a partnership firm in his capacity. Company: A company is a juristic person and it can become a partner in a partnership firm, if such an act is authorized by the objects given in the memorandum of the company. Trustees: Trustees are considered to be a juristic persons and can therefore can become a partner into partnership firm, if such an act is specifically not barred by the trust deed. Thus from the above paragraph, it can be clearly stated that the Company can become a member of the partnership firm. How to apply for PAN Card for a Partnership Firm You can apply for your Partnership's PAN Card online on through NSDL website. Select "New PAN for Indian Citizen" in from Form 49A Select the category "Firm" as the type of applicant. Fill up the application form. Select your mode of payment and pay Rs.110 After the payment process is complete, take the printout of the acknowledgement slip and affix a recent passport-sized photograph of the authorized partner of the firm and attest it with a black pen. Send the acknowledgement slip to the Income Tax Department by attaching the required documents within 15 days of filing the online application. After verification of the documents, the PAN card will be dispatched to the registered office of the partnership firm within a month.

PAN

PAN Card Application for Partnership Firm Where 1 Partner is a Private Limited Company

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