Elton Sukumar M (Certified Accounting Technician) (734 Points)
13 March 2011Is it possible for sole proprietorship business to have PAN card on the trade name. I have recently come across a live case where a sole proprietor having pan card on trade name and also a personal PAN card. Even IN SEBI know your distributor process pan card on trade name if available is asked. Link for the same is as follows:- https://www.fidelity.co.in/assets/downloads/know_your_distributor-process_flow.pdf
Please answer my question ASAP.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 March 2011
when the PAN no of proprietorship and individual is same, how they can issue it in double names?
MF guidelines are diff from the pan card issue guidelines,
No. PAN card can never be issued on the basis of trade name for sole proprietor.
PAN can only be issed to 'Assessee' as defined in Income Tax Act, 1961 i.e. Individual, HUF, Firm, LLP, Company, AOP/BOI, artificial judicial person.
No doubt sometime name of firm/sole prop. and name of individual is same like Mr. XYZ opened a firm as XYZ. In such a situation also PAN card is issued to Mr. XYZ and not to firm XYZ.
Seema
(---)
(38 Points)
Replied 14 March 2011
Yes, I also agree that PAN card cannot be issued on the basis of trade name for Sole Proprietor. You can check the status of PAN by confirming the Fourth letter of the PAN. P - Person, F- Firm, T- Trust, C-Company, A-AOP.
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