How to Get PAN Card for Your Business ?
Business PAN Card - A person of any age can make a PAN card at any time. Everyone is always confused by many questions when it comes to PAN card application. Some common questions are: What is the age limit for taking PAN? Who needs access to it? What are the benefits of getting a PAN card?
A Permanent Account Number, popularly known as PAN Card, is essential for setting up an individual or a company in a line of business. PAN is important not only for merchants but also for companies. PAN card is absolutely necessary for all taxpayers including individuals, companies, partnerships etc. in India. In another way, the 10 digit PAN card also acts as an identity proof. PAN card is essential for business transactions in India.
Why should a company have a PAN card ?
PAN card is basically owned by any individual or company operating within India. Whether it is an Indian-origin company or a foreign company, once you have established it, you need to register the company first. If a company is registered in India, whether it is permanently established or has a normal office, but earns money from overseas, it still needs a PAN card. PAN card is necessary for the following institutions.
Since all the transactions are done using the PAN card number, the PAN card of the company becomes critical in nature. PAN card simplifies the corporate tax flow. PAN card also becomes very important when one is ineligible to pay tax under the concessional scheme of income tax benefits provided to start-ups. Company PAN card is necessary because.
Why is PAN card so important ?
- PAN is necessary for Tax Registration Number
- If a person or company does not have PAN then the Government of India can charge 30% or more of the challan payment.
- PAN card is essential for making payments except deductions, filing tax returns, making remittances etc.
- Using this number the Income Tax Department can track the transaction.
- Those who have PAN never have to face any problem regarding tax or transactions.
How to apply for Business PAN Card ?
1. Online Method
- Visit NSDL website
- Go to the drop-down menu and fill Form 49A
- Select the 'Firm' form listed under 'Application Type'
- Fill the details like company name, date of application, income details, company registration number and communication address carefully.
- Enter the Assessing Officer Code (AO Code), which can be easily found on the NSDL website under the AO Code search panel.
- Upload the required document copies and pay the fee. The two most important copies of information are the Certificate of Incorporation and the Address Proof.
- An acknowledgment number is given to the applicant.
- The progress details of the PAN card application can be tracked using the acknowledgment number.
The time taken by the entire process of obtaining a PAN card depends on the specification of the information provided by the applicant. The less the complexities in the documents attached and the information filled, the less time it will take for the company to get the PAN card.
Buying jewellery, opening a new bank account, applying for a credit or debit card, buying a new motor vehicle, etc. Hence, PAN card is an integral part of running a business as it provides various facilities to the business owner in investment opportunities. and allows the business to run successfully and smoothly.
