Partnership to proprietorship firm

Hi

We have a partnership firm having 4 partners. Now, we all have agreed it to be converted into a proprietorship firm.

Currently we have

1. VAT number
2. PAN card
3. The firm is Registered
4. Income Tax Department

we have made the dissolution deed in which it is mentioned that all the assets and liabilities from some date belongs to one of the partners.

Now, what shall i have to do,

1. I want to continue with same VAT number, is it possible
2. Do i need to get a new PAN card or can i use same PAN card or Can i use my own PAN card.
3.  Do i need to intimate the registrar of firm.
4. Do i need to intimate or do anything regarding income tax as we use the partnership PAN while filing returns.

Any information will be helpful.

Regards
Manish

Replies (2)
  1. Existing VAT registration is not valid due to change of constitution, you need to obtain new one and surrender the old
  2. Existing PAN is also not valid and hence surrender, the PAN card of the proprietor to be used for the purpose of proprietorship concern
  3. If the firm is registered, then dissolution also to be registered (welcome views of others)
  4. Firm PAN can be used for filing return of income till the date of dissolution and thereafter PAN of proprietor is relevant

Thank you for the suggesstion

1. Can i use DVAT 07 part B for deletion of partners, as i want to use the same VAT number.

4. So i need to fill in the returns with the PAN card of the firm till the operations are continued.

Later on, what has to be done with the Income tax id with the firm PAN card.

If, later on PAN of proprieter is valid, then do i need to file the returns of the firm while filing my own taxes.

Thanks

Manish

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