Joint venture query
This query is : Resolved
02 May 2022
Pls reply to my below mentioned queries on joint venture agreement between two parties:
1.) Is PAN compulsorily required to be obtained in a joint venture agreement having fixed validity period of 5 to 6 months
2.) Is the name of the joint venture business must compulsorily end with the word "Joint Venture"
3.) Is bank account to be opened in the name of such joint venture business
1.) Is PAN compulsorily required to be obtained in a joint venture agreement having fixed validity period of 5 to 6 months
2.) Is the name of the joint venture business must compulsorily end with the word "Joint Venture"
3.) Is bank account to be opened in the name of such joint venture business
03 May 2022
1 Not compulsory.
2 Not compulsory.
3 No. Concerned persons agree they can operate their own bank account.
2 Not compulsory.
3 No. Concerned persons agree they can operate their own bank account.
03 May 2022
It the turnover is expected to exceed threshold under GST law then to obtain a GSTIN one has to have PAN. TAN may also be required if the payments to be made require deduction of income tax at source. At the end of the period of Joint Venture there must be some income, and therefore it has to file a return of income which requires PAN.
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