dissolution of partnership firm-very urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2010 A partnership firm(contractor) has three partners as on 31.03.2010. in the month of april 2010 two partners retired and no new partners joined the firm.
Query:
1. is this dissolution of firm? if yes whether the information of the same should be given to registrar of firms and in return will registrar issue any certificate for this? i.e how it firm wil be dissolved? or will it be automatically converted into Propreitory firm?
2. if after retirement of partners , remaining one partner continue the business and undertake a contract of Rs 500000/- in the month of aug 2010 then rate of tds on this amount should be 1% applicable to propreitory firm or 2% applicable to firm?

pls reply if sure

thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2010 1. It is dissolution of firm by virtue of law. A dissolution deed has to be prepared in stamp paper of appropriate value as per stamp act of your state. Attested copy of the said deed along with FORM V has to be filed before the IG of registrations.
2. Intimation may be given to the Income tax department. PAN of the partnership firm may be deactivated if no issues are pending before IT department. Dissolution may be informed to VAT office if registered therein. TThe proprietor has to take PAN card if not taken.
3.1% TDS applies if the contract is taken in individual name.

N.B:- This is a general observation.Pl consult a CA/Lawyer in your state before a final decision is taken on this matter.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2010 sir u mean to say that in no way the partnership firm can be converted into propreitory firm with same PAN. a seperate PAN need to be taken for propreitory firm.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2010 Undoubtedly yes.

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