Home न्यूज़ How to make PAN Card for your Startup, why is it important for business, know the complete process of applying here

How to make PAN Card for your Startup, why is it important for business, know the complete process of applying here

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How to make PAN Card for your Startup-aajtalk

How to make PAN Card for your Startup, why is it important for business, know the complete process of applying here

Be it your company, your startup, partnership firm or even you yourself, everyone needs PAN. Let us know how important PAN card is for business and how it can be obtained.

Everyone knows how important PAN i.e. Permanent Account Number is. But do you know that PAN is not only for individuals but also for businesses or startups. That means whether it is your company, your partnership firm or even you yourself, everyone needs PAN. This 10 digit number not only acts as your identity proof, but it is required in all tax related work. Let us know how important PAN card is for business and how it can be obtained.

Which business needs PAN?

All the transactions of your business will be done through PAN card number, through which your business transactions will be tracked. This lets the Income Tax Department know how much tax liability the business has incurred. You will need PAN card for every tax related transaction. If your business does not have a PAN card, the government can impose direct tax of up to 30 percent on your invoice payments.

Documents Required for Company PAN Card

For PAN application, companies have to submit certain documents as proof of identity and address. The registration certificate issued by the Registrar of Companies can serve the purpose of both identity proof and address proof for companies. Depending on the type of entity, the following PAN card documents can be accepted as proof of identity and address –

  • Registration certificate issued by the Registrar of Companies for companies
  • Registration Certificate issued by Registrar of LLP for Limited Liability Partnership Firm
  • Partnership agreement for partnership firm; OR Registration certificate issued by the Registrar of Firms
  • Trust agreement for the trust; OR Registration Number Certificate issued by the Charity Commissioner
  • Association (other than trusts) or individuals or local authority or artificial juridical person agreement or registration number certificate issued by the Charity Commissioner or
  • Registrar of Co-operative Societies or any other competent authority; Or
  • Any other document issued by any Central or State Government department establishing the identity and address of such person

How to apply for business PAN card?

If you want to apply online then you will have to go to NSDL website and fill Form 49A there. You will have to provide many information including company name, date of application. You will have to provide the registration number of your company as well as information related to earnings. You will also have to provide your communication address. You will also have to upload copies of some documents and pay a fixed fee. After doing all this, you will get an acknowledgment number, through which you can track how far the process of making PAN card for your business has reached. You will have to sign the acknowledgment form and send it to NSDL office within 15 days.

Even if you want to apply offline, you will have to go to NSDL website and download Form 49A. After that you will have to fill the form and submit it to the nearest NSDL center along with necessary documents. You can get information about the nearest center from NSDL website itself. After this, you will be issued an acknowledgment, which will be proof that you have submitted the required documents while applying for PAN card. For this you will also have to pay a fixed fee (about Rs 100) and then when your PAN card is made, you will get it.

Why do companies require PAN?

The Government of India has made PAN mandatory for all income generating entities in the country, be it an individual business, company, HUF, partnership firm or trust. PAN is beneficial for the company in many ways, like –

  • PAN is basically the tax identification of your company
  • PAN is used by the Income Tax Department to track all financial transactions. Even if you do not come under the tax bracket, it is still necessary to have PAN.
  • If companies do not have PAN and are earning income, it is considered to be hiding information from the government.
  • PAN will help a company to file income tax returns and receive various types of invoices and remittances

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