16 February 2024
Suppose there is a partnership firm comprising of 3 partners. The PAN card of the firm which was applied, shows the actual earlier date of incorporation, when partnership deed was created with 3 partners. Now one of the partner had passed away (5yrs ago) and thus the firm consist of 2 partners. Now if we want to register the partnership deed (as required by financial institution in West Bengal), upon applying online, with new partnership deed, the application was rejected since the date of incorporation of the firm as per PAN card was much earlier than the date mentioned in the latest partnership deed (2 partners).
Kindly advice what should be done to rectify the error to register the partnership deed? Can we only update the date of incorporation in the PAN card and apply for partnership registration? Or do we need to apply for new PAN card for the firm? Or anything else?
09 July 2024
To rectify the issue with registering the partnership deed, you can follow these steps:
1. **Update the PAN Card Details (if necessary):** - If the PAN card of the firm shows an earlier date of incorporation that includes the deceased partner, you may need to update the PAN card details to reflect the current composition of the partnership (which is now with 2 partners). - Contact the Income Tax Department's PAN service provider (NSDL or UTIITSL) to request a correction in the date of incorporation on the PAN card. You will likely need to provide documentation such as the amended partnership deed, proof of the deceased partner's passing, and any other relevant documents as required by the PAN service provider.
2. **Apply for Partnership Registration:** - Once the PAN card details are updated (if required), you can apply for partnership registration again using the corrected PAN details and the latest partnership deed that reflects the current composition of the partnership (with 2 partners). - Ensure that the date of incorporation mentioned in the partnership deed matches the corrected date on the PAN card.
3. **Documentation Required:** - Prepare a fresh partnership deed that clearly states the current partnership composition (2 partners) and any changes or amendments made since the original partnership deed. - Include any necessary documents related to the deceased partner's passing, such as the death certificate and legal documentation confirming the change in partnership composition.
4. **Submission and Approval:** - Submit the updated partnership deed and other required documents to the Registrar of Firms or the relevant authority in West Bengal for partnership registration. - Follow up with the authorities to ensure that the application is processed correctly and that any queries regarding the updated PAN details or partnership composition are addressed promptly.
5. **Legal Advice:** - It's advisable to consult with a legal professional or a chartered accountant who specializes in partnership matters to guide you through the process and ensure compliance with all legal requirements.
By updating the PAN card details and submitting a revised partnership deed that accurately reflects the current partnership composition, you should be able to rectify the error and successfully register the partnership deed with the financial institution in West Bengal.
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