if a owner of a propriter firm has PAN card does his firm also need PAN card
Santosh Menon (Student) (60 Points)
30 October 2012if a owner of a propriter firm has PAN card does his firm also need PAN card
Abhimanyu Bind
(CA Final Student & Audit Assitant)
(2049 Points)
Replied 30 October 2012
No.
Owner's PAN card will be treated as firm's PAN card in case of proepritorship and all dealings and registration will only be done through owner's PAN CARD.
Regards,
Abhi
Yogesh Kumar
(Job)
(180 Points)
Replied 30 October 2012
Proprietor PAN card itself is the PAN card of proprietary firm.
Komal Sharma
(Assistant Accountant)
(1887 Points)
Replied 30 October 2012
No, if it is a sole propritership than there is no need of separate PAN card for propritery. PAN card of the owner is enough for all registrations.
Poonam
(CS,Mcom CA FINAL)
(512 Points)
Replied 30 October 2012
proprietary business is not a separate assessee under the Income Tax Act. As per the IT Act under the definition of Assessee only individual comes and not Proprietary concern.There is no personal PAN as such for the proprietary concern. The person must obtained PAN in his 'individual' status. You should file the return of income in the status of 'individual' only by using owners PAN......thus the PAN of proprietor will be consider as PAN of Proprietor's firm.....