To conduct numerous financial operations as a Limited Liability Partnership (LLP), getting a Permanent Account Number (PAN) card is necessary.
A PAN card is a distinctive 10-digit alphanumeric identifying number that aids in keeping track of all a person's or an organization's financial transactions.
All LLPs in India are required to have it. We will go over the exact steps needed to apply for a PAN card for a Limited Liability Partnership in this tutorial.
Describe the PAN Card
The Income Tax Department of India issues PAN cards, which have ten-digit alphanumeric numbers.
It is a special identification number that makes it possible to monitor each person's or business's financial transactions.
The PAN card contains the holder's name, birthdate, picture, and PAN number. A laminated card bearing the PAN number is what is given out.
Why does a Limited Liability Partnership need a PAN Card?
To trade financially with a Limited Liability Partnership, a PAN card is required. It is beneficial to identify the LLP and keep track of all of its financial transactions.
To file income tax reports, open a bank account, request for a loan, and conduct any other financial transactions, the LLP requires a PAN card.
Without a PAN card, the LLP is unable to carry out any financial operations.
What types of documentation are needed to obtain a PAN Card?
To apply for a PAN card for a Limited Liability Partnership, the following papers are needed:
- a duplicate of the Certificate of Incorporation that the Registrar of Companies has issued
- a replica of the LLP contract
- Copies of the collaboration agreements (if any)
- a copy of the LLP's address proof (electricity bill, telephone bill, or water bill)
- a copy of the partners' identification documents (Aadhaar card, passport, voter ID, or driving license)
- a copy of the designated partners' address documentation (Aadhaar card, passport, voter ID, or driving license)
How can a Limited Liability Partnership apply for a PAN Card?
A Limited Liability Partnership may apply for a PAN card both online and offline.
Let's go into more detail about both modes.
Application Procedure Online
The following describes how to apply for a PAN card online as a Limited Liability Partnership:
- Access the NSDL website in step one. Click the "Apply Online" button on the NSDL website (https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html).
- Choose the application type in step two. Choose "New PAN - Indian Citizens (Form 49A)" as the application type.
- Fill out the application form in Step 3 . Provide all necessary information on the application form, including the name of the LLP, its address, the date of its incorporation, the PANs of its chosen partners, etc.
- Make a payment. Make the PAN card application fee payment after completing the application form. An LLP must pay Rs. 1,020 to apply for a PAN card (excluding GST and other charges).
- Submission of Documents and Acknowledgement
An acknowledgment receipt will be produced following the payment. The acknowledgment receipt should be printed, the designated partners' pictures should be attached, it should be signed, and it should be sent to the address on the acknowledgment receipt with the necessary paperwork.
Procedure for Offline Applications
The Limited Liability Partnership PAN card offline application procedure is as follows:
Download Form 49A in Step 1
To obtain Form 49A, go to any PAN facilitation centre or download it from the NSDL website.
Fill out the application form in Step 2
Provide all necessary information on the application form, including the name of the LLP, its address, the date of its incorporation, the PANs of its chosen partners, etc.
Step 3: Include the necessary paperwork and payment
Include the necessary paperwork, such as a copy of the LLP agreement, the certificate of incorporation, an address verification, an identity verification, etc. Make the PAN card application fee payment as well. An LLP must pay Rs. 1,020 to apply for a PAN card (excluding GST and other charges).
Step 4: Application Form Submission
The application form should be submitted at the closest PAN facilitation centre when it has been filled out, the necessary documents have been attached, and payment has been made.
Tracking the status of the PAN application
By going to the NSDL website (https://tin.tin.nsdl.com/pantan/StatusTrack.html) and inputting the 15-digit acknowledgment number, it is possible to track the status of the PAN application online.
Printing a new PAN Card
A duplicate PAN card can be obtained by submitting an application in the event that the original is lost or damaged.
The application can be submitted online or offline, and a new PAN card costs Rs. 50.
FAQs
How quickly can an LLP obtain a PAN card?
The time it takes to get a PAN card for an LLP is roughly 15 to 20 working days.
Can I submit an online PAN card application for an LLP?
Yes, you can apply for a PAN card for an LLP online using the NSDL website.
What is the cost to apply for a PAN card for an LLP?
An LLP must pay Rs. 1,020 to apply for a PAN card (excluding GST and other charges).
How can I check the progress of my PAN card application?
On the NSDL website, input the 15-digit acknowledgment number to check the progress of the PAN card application.
My PAN card can I download it online?
After it is issued, the PAN card can be obtained online from the NSDL website.
