Pan Card Registration

Accounting is a premier accounting firm which provides taxation, accounting and bookkeeping services in the Greater Toronto Area.

What is a PAN Card?

PAN Card for a company or business can be acquired by submission of the PAN application form

  • Form49A  [For Entities incorporated in India and unincorporated entities formed in India & for Indian Citizens & Companies]
  • Form 49AA [For Entities incorporated outside India and unincorporated entities formed outside India & individuals that are not a citizen of India]

Eligibility for PAN

A PAN Card can be issued to any individuals, company/business,  non-resident Indian or anyone that is paying tax in India.

Types of PAN

  1. Individual
  2. Foreigners
  3. HUF-Hindu undivided family
  4. Firms/Partnerships
  5. Company
  6. Society
  7. Trusts

Documents required For PAN Card Registration

Below is the list of supporting documents that are required for your application depending on the type of business. 

  • Proprietorship Firm

The PAN of the proprietor is considered as PAN for the Proprietorship Firm as Proprietorship is not a separate legal entity, A Proprietor or an Individual needs to submit:

    • Proof of Identity
    • Proof of Date of Birth
    • Proof of Address
  • Partnership Firm
    • Certificate of Registration issued by Registrar of Firms
    • Copy of Partnership Deed
  •  Limited Liability Partnership (LLP)
    • Certificate of Registration issued by ROC
    • Copy of Partnership Deed

Uses of PAN in Financial Transactions

  • PAN information needs to be furnished while registering a business
  • Taxpayers have to provide their PAN while paying income tax.
  • While paying direct taxes PAN needs to be quoted.
  • A lot of financial transactions require PAN information. Some of these transactions are:
    • Sale/Purchase of property (immovable) of Rs.5 lakh or above
    • Sale/Purchase of any vehicle except two-wheelers
    • Payments made above Rs.25,000 in connection with travel requirements to other countries. 
    • Payments made to hotels and restaurants of Rs.25,000 or more. 
    • Purchase of bonds of value Rs.50,000 or more
    • Payments towards bank deposits greater than Rs.50,000. 
    • Purchase of insurance policy greater than Rs.50,000. 
    • Purchase of shares of Rs.50,000 or more
    • Purchase of jewellery/bullion more than Rs.5 lakhs. 
    • Purchase of mutual funds 
    • To Transfer funds from NRE to NRO account
    • For remitting money outside India

Why does your company need a PAN card?

  • For the Income Tax Department to track your financial transactions, the PAN serves as a reference number
  • It is mandatory to have one if you are earning money even if you are not eligible to pay taxes,
  • Companies, irrespective of whether they are registered in India or abroad need to pay tax for businesses carried out in the country. Your PAN will help you get invoices paid, remittances, and for income tax returns.
  • TRN can be obtained only when the company has a PAN [Companies are required to provide their Tax Registration Number (TRN) to whoever is paying them.
  • All foreign parties that provide or generate a payment to a counterpart in India will have to provide their PAN. This includes not only individuals but also incorporations, companies, limited companies or any other form of entities, it was made mandatory under Section 206AA, amended in 2009 in the Finance Act.
  •  Without PAN, the government will charge withholding tax which can be at the rate of more than 30% of the total invoiced payment. 

 

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