Joint venture query

This query is : Resolved

deepak (Querist)
Follow

02 May 2022 Pls reply to my below mentioned queries on joint venture agreement between two parties:

1.) Is PAN compulsorily required to be obtained in a joint venture agreement having fixed validity period of 5 to 6 months

2.) Is the name of the joint venture business must compulsorily end with the word "Joint Venture"

3.) Is bank account to be opened in the name of such joint venture business

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 May 2022 1 Not compulsory.
2 Not compulsory.
3 No. Concerned persons agree they can operate their own bank account.

PARAS CHHAJED online

PARAS CHHAJED

(Expert)
Follow

03 May 2022 It the turnover is expected to exceed threshold under GST law then to obtain a GSTIN one has to have PAN. TAN may also be required if the payments to be made require deduction of income tax at source. At the end of the period of Joint Venture there must be some income, and therefore it has to file a return of income which requires PAN.

Upgrade to CAclubindia Pro. Subscribe Now!