Surrender of PAN card on termination of Partnership Firm
This query is : Resolved
01 August 2022
Partners in a firm have decided to part ways and close their Firm with mutual consent. They have signed on a Termination agreement and wish to surrender PAN of the Firm.
They will write to their jurisdictional ITO on Firm letterhead signed by Managing Partner that they have closed the Firm and surrendering the PAN of the Firm. Please advise on the following:
1. Is PAN card (original) to be enclosed?
2. Is letter required to be signed by all partners? or Signed by Managing Partner is sufficient?
3. Is Agreement of termination, signed by all partners, required to be also enclosed with the letter?
4. Will the agreement on plain paper be accepted or it has to be on stamp paper?
5. Can the ITR for current financial year (2022-23) up to date of termination be filed on due date even when PAN has been surrendered? The income for current year is NIL as the FIRM has discontinued business in previous year (2021-22) it self ?
Will be greatful for your advice.
They will write to their jurisdictional ITO on Firm letterhead signed by Managing Partner that they have closed the Firm and surrendering the PAN of the Firm. Please advise on the following:
1. Is PAN card (original) to be enclosed?
2. Is letter required to be signed by all partners? or Signed by Managing Partner is sufficient?
3. Is Agreement of termination, signed by all partners, required to be also enclosed with the letter?
4. Will the agreement on plain paper be accepted or it has to be on stamp paper?
5. Can the ITR for current financial year (2022-23) up to date of termination be filed on due date even when PAN has been surrendered? The income for current year is NIL as the FIRM has discontinued business in previous year (2021-22) it self ?
Will be greatful for your advice.
01 August 2022
1. No.
2. Sufficient
3. Yes, a copy of dissolution deed.
4. Dissolution deed need to be on stamp paper & registered with Sub-Registrar.
5. You can declare in the deed, being the closure of the firm as of 31.03.2022. No need to file return after that.
2. Sufficient
3. Yes, a copy of dissolution deed.
4. Dissolution deed need to be on stamp paper & registered with Sub-Registrar.
5. You can declare in the deed, being the closure of the firm as of 31.03.2022. No need to file return after that.
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