19 June 2008
If a partnership gets converted into a private limited company as going concern concepts with existing partners as directors will the Permanent Account Number will get change ? Pl advise.
19 June 2008
Yes. Private Limited Company is a seperate entity established under Companies Act, 1956 whereas the registered firm is governed by Indian Partnership Act.
Moreover, 4th letter in the Permanent Account Number refers the status of the assessee. "F" is used for Partnership Firm and "C" signifies corporate body.
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