Know How To Apply TAN For Partnership Firm

A partnership firm is a business structure where two or more individuals come together to carry out a business with the objective of making profits. Partnerships can be registered or unregistered. If a partnership firm is registered, it becomes a legal entity and can apply for a Tax Deduction and Collection Account Number (TAN) just like any other business entity.

A TAN is a unique 10-digit alphanumeric number that is used to identify the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) payments made by a business entity. All partnership firms that are liable to deduct or collect tax at source need to obtain a TAN.

Steps To Apply For TAN For Partnership Firm

Step 1: Collect the Required Documents

The following documents are required to apply for a TAN for a partnership firm:

• Partnership Deed
• PAN Card of the partnership firm
• Identity proof of all partners (PAN Card, Aadhaar Card, Passport, Voter ID, Driving License)
• Address proof of all partners (Aadhaar Card, Passport, Voter ID, Driving License, Bank Statement, Utility Bill)
• Photographs of all partners
• Business registration certificate (if applicable)
• Bank account details of the partnership firm

Step 2: Fill the Form 49B

The next step is to fill the Form 49B, which is the application form for TAN. The form can be downloaded from the NSDL website. The form needs to be filled with the correct information and details of the partnership firm and all partners.

Step 3: Submit Form 49B

After filling the Form 49B, it needs to be submitted to the TIN-FC (Tax Information Network Facilitation Center) or NSDL (National Securities Depository Limited) office along with the required documents. The TIN-FC or NSDL office will verify the application form and documents and issue a TAN if everything is in order.

Step 4: Pay the Fees

The fees for applying for a TAN for a partnership firm is Rs. 65 + GST (as of April 2023). The fees can be paid online or offline. If paid online, a confirmation of payment needs to be attached with the application form.

Step 5: Receive the TAN

Once the TIN-FC or NSDL office verifies the application form and documents and receives the fees, a TAN will be issued to the partnership firm. The TAN will be sent to the registered address of the partnership firm.

Click here to get registered: Partnership Firm Registration. Get TAN the Easy Way!

Obtaining a TAN is mandatory for all partnership firms that are liable to deduct or collect tax at source. The process of applying for a TAN for a partnership firm involves collecting the required documents, filling Form 49B, submitting the form and documents to the TIN-FC or NSDL office, paying the fees, and receiving the TAN. It is important to ensure that all details and information provided in the application form are correct and accurate to avoid any delays or rejections in the application process.

In conclusion, obtaining a TAN is mandatory for all partnership firms that are liable to deduct or collect tax at source. While it is possible to apply for a TAN on your own, utilizing the services of a reliable legal-tech platform like Vakilsearch can help simplify the process and ensure accuracy.

Also Read: 13 Steps To Write Partnership Agreement: Know All About It