Change in Partners - Reg.
This query is : Resolved
Quick Summary
27 April 2022
Sir,
One of my friend is running a Partnership firm. He and another person were the partners.
Now, that another person is retiring from the partnership and a new person is entering the
partnership to join hands with my friend. The exclusion and inclusion of partners comes into
effect from 01.04.2022.
Can he make a single deed combining the outgoing partner and the incoming partner or a separate deed has to be made for each ?
How should we communicate the change in the partnership to the income tax department ?
Pls. advice.
One of my friend is running a Partnership firm. He and another person were the partners.
Now, that another person is retiring from the partnership and a new person is entering the
partnership to join hands with my friend. The exclusion and inclusion of partners comes into
effect from 01.04.2022.
Can he make a single deed combining the outgoing partner and the incoming partner or a separate deed has to be made for each ?
How should we communicate the change in the partnership to the income tax department ?
Pls. advice.
27 April 2022
Single deed can be made. Admission cum retirement deed.
While filling ITR change of partnership is communicated.
While filling ITR change of partnership is communicated.
28 April 2022
Yes, the single deed can be done for admission and retirement.
28 April 2022
Thank you, Experts.
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