Pan Card in the name of Propreitory Firm

[CA CS Anand Khetan]

Dear all,

One of my friend is having a current account in proprietory capacity.
He is having PAN CARD in his personal Name.
Now the bank officer is asking for PAN CARD in the name the FIRM.
Was there any circular from RBI One year ago to have Pan Card in the name of Propreitory firm.
If so Can any member help me to forward that very Circular.   

Thanks and Regards,

CA CS Anand Khetan
09831901421,09831417910

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[Kirti Tulsyan]

Dear all,

One of my friend is having a current account in proprietory capacity.
He is having PAN CARD in his personal Name.
Now the bank officer is asking for PAN CARD in the name the FIRM.
Was there any circular from RBI One year ago to have Pan Card in the name of Propreitory firm.
If so Can any member help me to forward that very Circular.    

Thanks and Regards,

CA CS Anand Khetan
09831901421,09831417910

REPLY 1

Dear CA. Anand,

I don't think RBI has issued any such circular as income tax department only recognises an individual / proprietor, whatever be the no. of proprietoary firms. In fact, it might be a misnomer to treat such concerns as firms at all.

Regards,

CA. R. S. Mallick

REPLY 2

Dear Anand,

There will not be any PAN card in the name of proprietor business name. His personal PAN should be used for all purposes. There must be two reasons for bank manager asking for separate PAN. One using word firm along with proprietor organisation name or secondly lack of knowledge of banker.
I face these kind of situations many times.
Create awareness to banker. That's it.
Kind regards
Vasanth

REPLY 3

Dear Anand ji

There is no such circular of RBI to have Pan Card in the name of propreitory firm. to forward that very Circular.
REGARDS

GOURAV MURARKA
RAJ LAMI TOWER 2ND FLOOR
SAI ASTHA HONDA BUILDING
NEAR ICICI BANK CHAS
BYE PASS ROAD CHAS
BOKARO STEEL CITY
JHARKHAND-827013
PHONE: 06542-235368
MOB:+91-9835327501,+91-9883388955
EMAIL:GAURAV_M...@YAHOO.CO.IN   

REPLY 4

PAN Card can only be in the name of assesse. And in this case assesse is an individual.

 

Thanks

Pankaj Agrwal

REPLY 5

Pan card is always issued in the name of proprietor only. If a person has multiple proprietorship firm can he have multiple pan cards? No. There is no such circular from RBI to have pan card name in Proprietorship name. For Opening Bank account trade licence is required in the proprietorship firm name along with other documents.

With Best Regards
Bharat D. Sarawgee, FCA, DISA(ICAI),CIFRS(ICAI),CFAFD(ICAI).
Member IGRC (BSE & USE).

Managing Partner, Bharat D. Sarawgee & Co. Chartered Accountants

SBS Advisories Services Private Limited 

Head office -32-A, Chittaranjan Avenue Trust House 2nd Floor, Kolkata-700012                           

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Ph-033-24197736/9830112891
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Best Regards, 
Kirti Tulsyan
B.Com.,ACA,CS


P.D.Rungta & Co. 
Chartered Accountants 

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[caabps]

Dear Mr. Khetan

 

Proprietorship business is a branch of an individual. As branch is never an income tax payer, it cannot have the PAN. PAN can only be issued in the name of proprietor who along with the income from his proprietorship business is liable to Income Tax.

 

You can ask the bank official if that branch of the bank is having a PAN which is other than that of bank. Same principle applies to the proprietorship business.

 

With regards,

 

CA Mohammad Ayub,FCA,FCMA,DISA

M/s. ABPS & Associates,

Chartered Accountants

182, Sahid Nagar

Bhubaneswar – 751007

Mob – 9437075232 / 9938002100

 

From: foru...@googlegroups.com [mailto:foru...@googlegroups.com] On Behalf Of CA CS Anand Khetan
Sent: 04 April 2014 12:12
To: foru...@googlegroups.com
Subject: [CA RUNGTA PD] Pan Card in the name of Propreitory Firm

 

Dear all,

One of my friend is having a current account in proprietory capacity.
He is having PAN CARD in his personal Name.
Now the bank officer is asking for PAN CARD in the name the FIRM.
Was there any circular from RBI One year ago to have Pan Card in the name of Propreitory firm.
If so Can any member help me to forward that very Circular.   

Thanks and Regards,

CA CS Anand Khetan
09831901421,09831417910

Get your own FREE website, FREE domain & FREE mobile app with Company email.

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[Kirti Tulsyan]

Dear all,

One of my friend is having a current account in proprietory capacity.
He is having PAN CARD in his personal Name.
Now the bank officer is asking for PAN CARD in the name the FIRM.
Was there any circular from RBI One year ago to have Pan Card in the name of Propreitory firm.
If so Can any member help me to forward that very Circular.    

Thanks and Regards,

CA CS Anand Khetan
09831901421,09831417910

NEW REPLY 1

           For sole proprietorship firm, separate pan card is not required.

           BIPIN DUGAR

           NEW REPLY 2
           Dear Sir, 

           According to the current guidlines provided by RBI to the bank branches,                The bank branches should enter PAN no of those customers who transmit a             amount more than 50000/- either it is a SB a/c or Firms. 
            In case of proprietary firm, the bank should be asking for the                                  proprietor's PAN not the firms. 

           Thank You 

            Sharad Khandelwal 
            Article Assistant 
            Dinesh K. Singhal & co. 
            Jaipur 

             Contact: 9667648081

[DHARMENDRA JAISWAL]

You asked to bank for RBI Circular . Individual pan card use in proprietor Ship Firm .

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[Pitamber Singhania]

Dear Anand

 

If you have provide the trade licence copy to the bank officer, it is clearly mentioned the name of the firm and CE holder name, which fulfill your and bank officer requirement.

 

 

P.Singhania

09903977514 / 09830517514

EAST COAST CARRIERS
P-45 (NEW-11), KHAIRU PLACE,
NEAR BOWBAZAR POLICE STATION,
3RD FLOOR, ROOM NO.3,
Kolkata-700072.
TEL-22111507,TELEFAX-033 22110507
Website: www.eastcoastcarriers.in
email: ecc...@gmail.com

 

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[Prem CSP]

Dear

PAN for individual and all the concerns run by him in his prop. capcity will have only

one PAN number that is his individual pan

If the manager insist too much ask him to give a letter in writting to that extend and reply 

that prop concern and individual pan is one and same as ITax department does not deal with

concerns but with assesee base only. 

Only service tax and Commercial tax people do have diff Tin and ST numbers for diff services

premraj jain

[SURESHKUMAR MEHTA]

there are no trade licences for the moneylenders and finance business in
chennai. will the chartered accountant certificate  - certifying the  individual as
prop  of the said business will serve the  purpose or not?  will the banker unerstand and oblige
sure...@hotmail.com
chennai
 

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From: pita...@gmail.com
To: foru...@googlegroups.com
Subject: RE: [CA RUNGTA PD] Pan Card in the name of Propreitory Firm
Date: Wed, 9 Apr 2014 11:57:42 +0530

[RISHAB JALAN]

Sorry cant help you with a circular. But technically you just need to provide them with a declaration  and copy of trade licence, proving that he/she is a proprietor of the firm.

As it is bank branches do not have competent people at all times, so talk to some senior person of bank they will convey the same thing to the junior POs.

CA Rishab Jalan

+919830211470

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