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PAN correction for partnership firm
one of our clients is a partner ship firm and all of it's partners are retired. Two new partners are admitted in place of the retired partners. What is the procedure for inclusion of the new partners in Firm's PAN number? whether new PAN Correction form needs to be applied in the above case?
Replies (1)
You do not need a new PAN for the firm. The existing PAN remains valid. You must formalize the change with a new supplementary partnership deed and update the firm's details with the Registrar of Firms, Income Tax Department (if details like authorized signatories have changed), and your bank to ensure smooth operations.
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