Fees + Process = To get details, please use the form on the right to contact us.
Time = PAN number comes online in 5-6 days, but physical delivery happens in 15 days min.
Required documents = Every firm or entity is treated differently. Please get in touch with us to understand what documentation your organization might have to submit.
What is it - permanent account number ?
Well, a it is a combination of letters and digits to form a code which numbers ten characters in length. It is issued by the Income Tax department, according to the legal framework laid down in the Income Tax Act of 1961. When you apply, you get this number on a laminated card called the PAN card. This is one of your most vital documents. You will need to quote this number in all financial transactions as well as the income tax return.
What types of organizations & bodies need it?
Any individual or entity doing business with an Indian firm or generating money out of India (either through invoices) are required to have a PAN number from now on - even if they don't have any permanent establishment, registration or office presence in India. These could be: companies, firms, LLC, LLP, partnerships, sole proprietorship, trusts, incorporations, limited companies, private firms, associations, foreign institutional investors, hedge funds, etc.
Is it necessary for a company to have a PAN number?
It is a necessary legal document not only for the individual, but also for a company to carry business here. Any corporate body which is carrying on businesses in India, whether registered in India or in any foreign country, will need to have a PAN number. This has been mandated by the Income Tax department of the Indian government, in the recent years.
Few important reasons to apply:
It may act as an important legal document for individuals, but do companies need to get them too? In order to answer this question, consider the following:
Was created as a reference number. So, the Income Tax department can track all your financial transactions using this code. That is why it is mandatory to quote it on your income tax document and your transactions. This again, is also the reason why a PAN card for a company is required even if you are not eligible for paying taxes.
All companies, be they registered in India or abroad need to pay tax just like an individual. So, in order to get their invoices paid, remittances, file their income tax returns and other needs, they need a PAN number which needs to be quoted on each and every transaction.
Companies just like individuals have to supply their Tax Registration Number (TRN) to the people who are paying them. A firm can obtain a TRN only when it has its own PAN.
Since the government of India uses this tool to calculate the total amount of tax income which is being generated in the country, if your organization is not registered in India, even then it should get one.
The simplest yet most powerful reason why a company, either domestic or foreign, needs to have its own PAN number is that, without it the government of India will deduct tax at the highest possible rate. So, you may be losing out on some viable tax saving opportunities and this may turn out to be quite an expensive affair.
The Income Tax Act of 1961 was amended and Section 206AA was inserted in 2009 by the Finance Act. According to this, all foreign parties which generate or provide payment to Indian counterpart have to provide their PAN number. This includes not only individuals but also companies, incorporations, limited companies or any other form of entities. This rule came into effect in April 2010.
Yes it's true. Once you posses it; your company's withholding tax rate would come down (with-holding taxes would be charged at much lower rate).
If you are generating revenues by selling products or services in India, you can no longer ignore the issue of a company PAN card. This is because, without it your firm will face the highest rate of tax and you will be losing out financially.
It has become quite easy to obtain one online from downloading the relevant documents from our website. We can assist you as a private agent/broker or you can also engage directly with the Government department to obtain it for your firm.
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