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 ?
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