Pan for a sole proprietorship
This query is : Resolved
02 August 2011
One of our clients has a PAN card for her individual name and another PAN card for her sole proprietorship. She has obtained the PAN for the proprietorship by quoting the business as a partnership firm erroneously. Please explain how to file her returns? Is there any remedy for this mistake?
02 August 2011
You have to get the FIRM PAN card cancelled.
PAN card for sole proprietors are issued on the name of the Individual and not on the name of the business.
While filing the returns, quote the PAN No. of the individual. The number must be having "P" as its 4th letter.
PAN card for sole proprietors are issued on the name of the Individual and not on the name of the business.
While filing the returns, quote the PAN No. of the individual. The number must be having "P" as its 4th letter.
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02 August 2011
Try to 'deactivate' the PAN in the name of partnership firm by filing a detailed letter before the jurisdictional Income tax officer.
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02 August 2011
yes,i am fully agreed with agarwal ji....
02 August 2011
Thanks all for the quick response. But for the time being is it advisable to file the same stating the status as an Association of Persons?? Please advice.
02 August 2011
I would not advise you to do so. In my opinion you should file the same as a sole proprietorship by quoting the individual PAN No.
02 August 2011
Thanks madam. Will there be any consequences or proceedings against me if i do so? The tax has been deducted at source in the Firm's name and PAN and the deductor has issued Form 16-A for the Firm and not in the individual name and PAN.
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