Pan card with the proprietorship concern
This query is : Resolved
Ravi Mittal
(Querist)
16 October 2013
My ques is:-
1. When opening a new current account bank ask me to produce PAN Card with the name of proprietorship concern whether it is possible. whereas my opinion is that I should produce PAN card in the name of proprietor.
2. Wheather their is provision in income tax law that the PAN card alloted to a Partnership Firm will be in the name of Firm title.
1. When opening a new current account bank ask me to produce PAN Card with the name of proprietorship concern whether it is possible. whereas my opinion is that I should produce PAN card in the name of proprietor.
2. Wheather their is provision in income tax law that the PAN card alloted to a Partnership Firm will be in the name of Firm title.
Nikhil Kaushik
(Expert)
16 October 2013
1. in proprietorship, use the PAN of the proprietor.
2. Yes for partnership firm, the PAN is issued in the name of the Firm,
2. Yes for partnership firm, the PAN is issued in the name of the Firm,
CA.Sourabh Sethia
(Expert)
18 October 2013
Since Partnership firm is separate entity (w.r.t. income tax) thus it has its own PAN card.
But w.r.t. Proprietorship concern it is considered as Individual concern so the same is taken under Individual & not as a separate concern therefore the PAN of the proprietor is to be taken for the Proprietorship Concern.
But w.r.t. Proprietorship concern it is considered as Individual concern so the same is taken under Individual & not as a separate concern therefore the PAN of the proprietor is to be taken for the Proprietorship Concern.
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