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Change in Partners - Reg.

This query is : Resolved 
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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 April 2022 Single deed can be made. Admission cum retirement deed.
While filling ITR change of partnership is communicated.
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CA Puja Sharma

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CA Puja Sharma (Expert)
28 April 2022 Yes, the single deed can be done for admission and retirement.
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Gopalakrishnan. S

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Gopalakrishnan. S (Querist)
28 April 2022 Thank you, Experts.
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