Partnership retirement & admission deed

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 Dear Experts,

We have a partnership firm running for last two & half years and now one partner is retiring from 31.03.2014 settling his all account mutually agreed and one new partner is joining on the same day without dissolving the Firm. I made a draft for Partnership Deed-Retirement and Admission will be effected from 31.03.2014 and also made a separate draft for Partnership Deed-Admission and Reconstitution which to be done/effected on 01.04.2014 as the new partner will put in capital on 01.04.14 in the newly constituted firm. I do not want to prepare a compact deed for retirement & admission for submitting future returns separately with departments. I wish to get registered the retirement & admission deed only.

Q.1. Is it Okay or necessary to prepare one compact deed and from when the new partnership will be effected from 31.03.14 or 01.04.14 considering the separate deed?

Q.2. What are the procedures for intimating for PAN. TAN, VAT and Bank?

With thanks

S. K. Roy
(skroy712@gmail.com)

Amol S Joglekar

Amol S Joglekar (Expert)
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12 March 2014 2 separate deeds can be prepared. No issues. (If the existing firm is having ONLY 2 partners...... then..????? May be make admission first and then retirement?)

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2014 Dear Expert

Admission & Retirement will be on the same day. But the new reconstituted deed desired to be effected from next day and what about PAN, TAN & VAT intimation?

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