Conversion of Firm into Company
This query is : Resolved
Jayanta Chowdhury
(Querist)
19 June 2008
If a partnership gets converted into a private limited company as going concern concepts with existing partners as directors will the Permanent Account Number will get change ? Pl advise.
Sambasiva Rao
(Expert)
19 June 2008
Yes. Private Limited Company is a seperate entity established under Companies Act, 1956 whereas the registered firm is governed by Indian Partnership Act.
Moreover, 4th letter in the Permanent Account Number refers the status of the assessee. "F" is used for Partnership Firm and "C" signifies corporate body.
Moreover, 4th letter in the Permanent Account Number refers the status of the assessee. "F" is used for Partnership Firm and "C" signifies corporate body.
19 June 2008
PAN is given to partnership will change. because after convertion a birth of new entity...
Codes applicable to PArtnership and Companies are different ...so Difinitely PAN will change..
Codes applicable to PArtnership and Companies are different ...so Difinitely PAN will change..
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