Partnership to proprietorship firm

536 views 2 replies

Manish Tulsiani

Partner

26 Points Posted on 11 July 2016

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)

CMA Poornima Madhava

CMA

13117 Points Posted on 11 July 2016

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