Vijay Kr. Mishra (prop.) (576 Points)
03 June 2010I have to start a Proprietorship business & want to make a PAN Card on the name of my business, while i have already an individual PAN Card on my name. Is it possible ?
CA. Gurdeep Singh Chawla
(C A)
(7080 Points)
Replied 03 June 2010
Individual and proprietorship firm are the same person. The same PAN shall be used for proprietorship firm.
CA. Dashrath Maheshwari
(TaXpert)
(15108 Points)
Replied 03 June 2010
a big NO...
but you can apply for correction in PAN card data...
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 03 June 2010
PAN card can be issued to individual name not proprietorship firm. U can hav number of proprietorship firm but PAN will be one only.
Kumar
(Article)
(922 Points)
Replied 04 June 2010
Your individual PAN will be the PAN of your Proprietorship business as because there is no distinction between the proprietor and his proprietorship business.
karan
(professional)
(300 Points)
Replied 04 June 2010
As I am a Company-How to find whether the PAN Card Holder is the Owner of the Proprietorship business
since the PAN No. is Manadatory for Normal Rate of TDS
Anybody's Pan No. can be given for Properiatorship business and avoid 20% TDS deduction
CA. Dashrath Maheshwari
(TaXpert)
(15108 Points)
Replied 04 June 2010
| Originally posted by : karan | ||
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As I am a Company-How to find whether the PAN Card Holder is the Owner of the Proprietorship business since the PAN No. is Manadatory for Normal Rate of TDS Anybody's Pan No. can be given for Properiatorship business and avoid 20% TDS deduction |
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However there are many things, you can check with.. but if you have doubt just ask for copy of last ITR... match the sign as printed on PAN card.. :)
Kumar
(Article)
(922 Points)
Replied 04 June 2010
| Originally posted by : karan | ||
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As I am a Company-How to find whether the PAN Card Holder is the Owner of the Proprietorship business since the PAN No. is Manadatory for Normal Rate of TDS Anybody's Pan No. can be given for Properiatorship business and avoid 20% TDS deduction |
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Dear Karan I totally agree with Dasrath.
I case of doubt apart from ITR U can also ask for a photostat of the PAN CARD
Prior to that U can always check the PAN No. by ur self....
PAN is a 10 digit alpha numeric number which is designed as follows
1st 5 digits should be alpha then next 4 digits should be numeric there after the last one should be alpha.
Again the 1st 5 alpha number should either starts with A, B or C. Apart from these three alphabets the Income Tax Department has not till date used any other alphabets as the 1st alphabet on PAN.
Again the 4 alphabet confirms the status of the Pan holder whether individual, Huf, Partnership, Company etc...
The following alphabets would be there in case of the following entity...
P = Individual
C= Company
H= Huf
F=Partnership Firm
The 5 letter is always the 1 digit of the name of the PAN holder in all cases except for individual.
In case of individual it will be the 1st digit of the surname....
Again in case of HUF the 5th digit would be the 1st digit of the first name of the karta.
Hope now U will be able to find out....
Sandeep Kumar
(learner)
(81 Points)
Replied 04 June 2010
no u can not apply for a new pan in the name of proprietorship.
CA. Rohit Vishambhari, Vns.
(Chartered Accountant)
(150 Points)
Replied 04 June 2010
PAN in the name of business can be applied only in the case of partnership firm, not for any other person in the person definition under section 2.
CA Bhargav
(Chartered Accountant)
(698 Points)
Replied 04 June 2010
Individual and proprietorship firm are one and the same person. The same PAN for other proprietorship shall not be granted as it will amount to fraud on part of the PAN holder.
SANTOSH KUMAR MISHRA
(EXECUTIVE (ACCOUNTS) )
(24 Points)
Replied 04 June 2010
An individual can have number of proprietorship firm but PAN will be one only for all firms. PAN card will be issued in individual name not proprietorship firm.
CAclubindia
