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PAN Application
All you need to know
Permanent Account Number (PAN) is a ten-digit alphanumeric number, for eg. AAAAA0000A, issued in the form of a laminated card, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allows the number without an application.
Procedure for PAN Application
- Online application of PAN can be made on the NSDL website OR UTIITSL website.
- Submit the PAN card application Form 49A available on the NSDL.
- Payment of application fee can be made through credit/debit card, demand draft or net-banking.
- Once the application and payment are accepted, the applicant is required to send the supporting documents through courier/post to NSDL.
- Upon the receipt of documents, PAN application is processed by NSDL and PAN is issued.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.You may get in touch with our compliance manager on 09704561215or email info@Thinkbizfilings.com for Free Consultation.
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Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
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Get answers to all your queries
- Permanent Account Number (PAN) is a 10-digit alphanumeric unique identifier issued by the Income Tax Department of India. It is essential for financial transactions, tax filings, and business registrations.
- PAN is mandatory for: ✅ Filing Income Tax Returns (ITR) ✅ Opening a bank account ✅ Applying for loans & credit cards ✅ Buying/selling property above ₹50 lakh ✅ Investments in stocks, mutual funds, and fixed deposits above a certain limit ✅ Business GST registration
- Any individual, company, partnership, HUF, trust, or NRI who is liable to pay taxes or conduct financial transactions in India can apply.
- You can apply online via the NSDL or UTIITSL website or offline by submitting Form 49A (for residents) or 49AA (for NRIs/foreign entities).
- For Individuals: ✅ Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License ✅ Address Proof: Utility Bill, Bank Statement, or Aadhaar Card ✅ Date of Birth Proof: Birth Certificate, SSC Marksheet, or Passport 📌 For Companies/Partnerships: ✅ Certificate of Incorporation ✅ Company’s MOA & AOA ✅ Partnership Deed (for LLPs)
- Usually 7-15 working days after submission. Instant e-PAN is available for Aadhaar-linked applications.
- Yes, using the acknowledgment number on the NSDL/UTIITSL portal.
- Yes, PAN is compulsory for all registered businesses, including Private Limited Companies, LLPs, and Sole Proprietorships.
- No, having multiple PANs is illegal and can result in a penalty of ₹10,000.
- You can apply for a duplicate PAN card online through NSDL/UTIITSL.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
