Pan for sole proprietor firm

Others 3439 views 7 replies

garvit bharti

CA FINAL

375 Points Posted on 11 August 2014

Hii all,

FACTS

One of my client is having his own PAN card and he is a partner in a firm and also having PAN card of that partnership firm. That partnership firm didnt undertake any business and no ITR was filed ever.

NOW the client wants to do that partnership business in his own name only (i.e SOLE PROPRIETORSHIP).

QUESTIONS

NOW my questions are:

1) should the client surrender PAN card of partnership firm? if yes what is the procedure for the same ?

2)should he apply for a new PAN card for sole proprietorship firm or his own individual PAN is sufficient?

3) if it is OK with own individual PAN CARD, can i proceed with the service tax registration ? and how much time will it take to get service tax registration certificate?

pls suggest

thanks

Replies (7)

HIMANSHU JOSHI

ARTICLE

194 Points Posted on 11 August 2014

Hi 1. Yes, firm PAN should be surrendered. 2. For sole proprietorship, own PAN is sufficient. 3. Yes you can proceed with his own PAN. Service tax registration will take around 30 days maximum. regards Complete Business Solutions www.completebusinesssolutions.in

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 11 August 2014

1. surrender firm pan, fill change/correction in pan form and give pan detail in point 11, then submit to tin fc... 2. in case of sole proprietorship, owner's pan is only used, no separate pan is issued for proprietorship firm...... 3. procced with registration of s.tax with own pan. s.tax registration takes normal 2-3 working days and max 7 days.

garvit bharti

CA FINAL

375 Points Posted on 19 August 2014

Originally posted by : Tribhuvan Aditya Singh
	1. surrender firm pan, fill change/correction in pan form and give pan detail in point 11, then submit to tin fc... 2. in case of sole proprietorship, owner's pan is only used, no separate pan is issued for proprietorship firm...... 3. procced with registration of s.tax with own pan. s.tax registration takes normal 2-3 working days and max 7 days.

hey thanks for the reply,,,,cn u pls tell is there any fes for surrendering PAN ,,,?

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 19 August 2014

sorry but no idea about fees... i havent surrendered anyone's pan yet so no idea.... but i think it should charge same as application for change in pan data, i.e. 105/-

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Posted on 19 August 2014

Dear Gravit,

Your Client have to first go for dissolution of the partnership firm and then surrender the PAN of that firm, so that there may be no after consiquence on the same. (The details for surrendering a PAN is available on internet)

Secondly, You can use individual pan for sole propritorship and for service tax registration.

Regards

garvit bharti

CA FINAL

375 Points Posted on 19 August 2014

Originally posted by : Tribhuvan Aditya Singh
	sorry but no idea about fees... i havent surrendered anyone's pan yet so no idea.... but i think it should charge same as application for change in pan data, i.e. 105/-

OK i will see then and thanks for the revert...

garvit bharti

CA FINAL

375 Points Posted on 19 August 2014

Originally posted by : Manoj Mehta

Dear Gravit,

Your Client have to first go for dissolution of the partnership firm and then surrender the PAN of that firm, so that there may be no after consiquence on the same. (The details for surrendering a PAN is available on internet)

Secondly, You can use individual pan for sole propritorship and for service tax registration.

dear manoj ji,

the client has already converted that partnership firm into sole proprietorship firm...

thnakss for your revert.

Regards