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Pan card for partner; ?

ajish (article) (163 Points)

18 September 2011

Is it compulsory to have PAN card for all partners of the firm ?

if a person is a partner in a firm and he have no other source of income, and always the income he receive from the firm doesn’t exceed his basic exemption limit , should he get PAN

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Jagdish (CA) (24 Points)
Replied 18 September 2011

As the partner's income is less than the basic exemption limit, there is no need to obtain the PAN card as per Sec 139A

139A. (1) Every person,—

(i) if his total income or the total income of any other person in respect of which he is assessable under this Act during any previous year exceeded the maximum amount which is not chargeable to income-tax; or

(ii) carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed 60 lakh rupees in any previous year; or

(iii) who is required to furnish a return of income under sub-section (4A) of section 139,

and who has not been allotted a permanent account number shall, within such time, as may be prescribed⁶¹, apply to the Assessing Officer for the allotment of a permanent account number.