Pan card in case of conversion of partship firm in to compan

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mahendra (Querist)
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13 July 2011 A PARTNERSHIP FIRM HAVING TDS RECIVABLE & PAID DURING THE YEAR IS CONVERTED INTO COMPANY AS PER PROVISION OF CHAPTER IX OF COMPANIES ACT BY COMPLYING ALL THE PROCEEDURES.
NOW, THE IMPORTANT PROBLEM IS
SHOULD THE COMPANY HAS TO APPLY FOR NEW PAN & TAN OR THERE IS ONLY NEED TO CHANGE PAN & TAN OF PARTNERHSIP FIRM.
IF NEW PAN & TAN OF THE COMPANY HAS TO BE APPLIED THEN WHAT ABOUT THE TDS RECIVABLE IN THE NAME OF PARTNERSHIP FIRM. SHOULD IT BE CLAIMED BY THE COMPANY OR NOT BCS STATUS OF PART. FIRM HAS BEEN CONVERTED TO COMPANY.
PLEASE GUIDE ME ON THIS ISSUE.
YOUR REPLY WILL BE APPRECIATED

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 July 2011 SHOULD THE COMPANY HAS TO APPLY FOR NEW PAN & TAN

Reply -Yes. Being a separate assessee, it is required.

.

OR
THERE IS ONLY NEED TO CHANGE PAN & TAN OF PARTNERHSIP FIRM.

"Change" is not included in the procedure.
It will be get cancelled in future after all the assessment proceedings will be over. Till that time it will be continued.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 July 2011 IF NEW PAN & TAN OF THE COMPANY HAS TO BE APPLIED THEN WHAT ABOUT THE TDS RECIVABLE IN THE NAME OF PARTNERSHIP FIRM. SHOULD IT BE CLAIMED BY THE COMPANY OR NOT BCS STATUS OF PART. FIRM HAS BEEN CONVERTED TO COMPANY.

Till the date of conversion, Firm has to prepare its account and file a separate return for the firm. Till this date it will be assessed as a firm and TDS credits will be claimed by it in its own return. In no case, company can claim TDS of the firm.

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