Private Limited Company is a kind of entity which has been registered the most in India. It is the first choice of most of the entrepreneurs. This is because of the easy registration process and benefits it offers to a business. Private Limited Company Registration is governed under the Company Act of 2013. According to law, such entities are artificial person who have all the rights just like a natural human. One thing which is very necessary for these companies is their Permanent Account Number.
In order to get a PAN Card for Private Limited Company one needs to apply for the same. After fulfilling all the required things one can get the Card for Private Limited Company. Here in the present write-up will discuss the Permanent Account Number for Private Limited Companies. If you also want to get your company’s PAN but are not aware about the process then you are in the right place. You just need to read this blog till the end and you will have complete knowledge about the same.
What are Private Limited Companies?
A business entity that is governed by the Companies Act of 2013 and provides its shareholders with restricted liability is a private limited company. Due to its many benefits, including easy online registration, building market reputation and trust, and drawing in possible investors, it is a well-liked option among business owners. On the other hand, it loses the privileges of Indian citizenship and the simplicity of forming subsidiary firms, and it entails more difficult processes and expensive formation fees.
In addition, it runs the danger of having the corporate veil lifted by legal authorities in instances of misconduct or fraud. As such, it is a business entity that offers a certain level of protection and convenience but necessitates close attention to detail and adherence to regulatory requirements. One thing you must know as a owner of a Private Limited Company is that one of its important documents is its permanent account number hence one must get a PAN Card for Private Limited Company.
Types of Businesses Requires PAN Card in India
All those businesses which are incorporated under the Companies Act of 2013, generally need to get a PAN Card. A PAN Card for Private Limited Company is necessary but with these companies it is required for other body corporates as well. Thes list of such businesses are mentioned below:
- Public Limited Companies
- Limited Liability Partnership Firms
- Partnership Firms
- One Person Companies
- Section 8 Companies
- Trusts
- Societies
- Unlimited Liability Companies
- Limited Liability Companies
Why Should Your Company Have a PAN Card?
There are certain important reasons due to which it is mandatory to get a PAN Card for Private Limited Company. Some of the key reasons are mentioned below:
- In order to do the tax related transaction one always needs PAN Card, hence aPermanent Account Number Card for Private Limited Company is necessary
- For the foreign companies it is crucial so that they can save themselves from highest tax rates that government can change from them if they are not having PAN Card
- If you want to pay your invoices without deduction you need to have a PAN Card as a Private Limited Company or any other type of company
- While filing of the tax returns a Permanent Account Number Card for Private Limited Company is required
- To get the tax registration number that is TAN, you need to show PAN compulsorily, hence you must get a Permanent Account Number Card for Private Limited Company
- In the absence of the PAN, Indian government has right to charge 30% or more on your invoice payment
How to Apply for a PAN Card for Private Limited Company?
In order to get a PAN Card for Private Limited Company, there are two options. One is online and the other one is offline. One can get a Permanent Account Number Card for Private Limited Company through any mode. Both the online as well as offline modes are mentioned below:
Online Method
- Visit the NSDL website
- Fill the Form 49A
- Complete the form found under “Firm” for the “Application Type” option.
- Enter all the necessary information, such as the company name and the application date.
- Upload all the documents with the application form
- Submit the form after paying the requisites fees for the same
- Verification of the application will be done by the competent authorities
- After the successful verification you will get the PAN Card almost in 10-15 working days
Offline Method
- Visit the website of the NSDL
- Download the Form 49A
- Fill all the requisite detail in the form
- Attach the copies of all the required document with the form
- Now with the form visit the nearest NSDL center
- Submit the form with the required fees
- Verification of the application will be done by the department
- After verification within 10-15 working days they will issue your PAN Card
Documents Required to Get PAN Card for Private Limited Company
List of documents required to get the Permanent Account Number Card for Private Limited Company is given below:
- MOA and AOA of the company
- CIN that is Certificate of Incorporation of the company
- No objection certificate for the MCA
- In case of partnership firm or LLP, their registration deed may required
- General details of the partners or directors of the entity
- Business Address proof
- Contact details
- Address for communication
Conclusion
Due to various reasons it’s really important to obtain a PAN Card for Private Limited Company. Sometimes people say that it is not mandatory to obtain this document but that’s not the truth. There are many things with respect to the company which are impossible to do without the PAN Card, hence it is suggested to get a Permanent Account Number Card for Private Limited Company. If you are having Private Limited Company and want to take Permanent Account Number for the same you can take advice from professionals. They will make your work easy and hassle free. In case you are having any doubt about the Permanent Account Number of the company you can contact us directly.
