The Partnership Act, 1932 regulates the partnership firms in India. In a partnership firm, two or more persons come together as partners for carrying on a business or profession. They agree to share the losses and profits of the firm’s business through a partnership deed executed by all the partners of the partnership firm.

The partnership firm needs to file tax returns under the Income Tax Act, 1961, every year irrespective of the amount of its profit or loss. The partners of the partnership firm have to mandatorily obtain a PAN card of the partnership firm for filing income tax returns. The PAN card of the firm acts as proof of the firm’s existence. The partners need to submit the partnership deed or the certificate of registration and PAN card form 49A for filing income tax returns of the firm.

Partnership firms are formed by two or more parties who agree to share the responsibilities and profits or losses incurred by a business. They agree to do so over an oral or written agreement called a partnership deed. Since a verbal agreement has no validity for tax purposes, most partnership firms have a written, legally-valid partnership deed in place before starting the business. The registration, working and regulation of Partnership firms fall under the purview of the Indian Partnership Act, 1932. However, to file taxes, the partnership firm must register with the IT Department and possess a valid PAN card.

A Permanent Account Number (PAN) card is a vital document for businesses in India. It serves as a unique identification number for tax purposes and is mandatory for most financial transactions. Partnership firms, in particular, need to obtain a PAN card to comply with the regulations set by the Income Tax Department. However, the process of applying for a PAN card for a partnership firm can be daunting and includes several formalities and documents that need to be completed and submitted.

However, before filing a PAN card application, a firm must complete certain formalities.

•   Prepare and duly notarize the partnership deed through a public notary
•  Define and provide authority to one partner to act as manager (authorised partner) and sign on behalf of the firm.
•   Ensure that the date of formation and place of business of the partnership firm is mentioned in the partnership deed.
•   Ensure that each page of the partnership deed is signed by every partner of the firm and two additional witnesses.
•   Stamp the partnership deed using a rubber stamp having the name of the partnership firm and with the word – ‘partner’.
•   Proof of address of the office, such as the rental agreement, sale deed, NOC from the owner or utility bills not older than three months.
•   Proof of identity of all the partners.
•   Address proof of all the partners.

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