01 November 2012
Can any one tell me that There is a partnership firm with 2 Partners. 1st partner remove 2nd Partner and new partner is enter in the firm. How to deal with accounts and income/Service tax? Please tell me renewing of pan card of company, income tax, service tax will also necessary or not? How to do this?
Whenever there is a change of Partners it virtually means DISSOLUTION DEED and then new PARTNERSHIP DEED w.e.f. next day. Balance Sheet is drawn as on date of DISSOLUTION DEED. Balance of Retiring Partner is to be carried forward as payable in new set of books of accounts.
The change in partners is to be informed to Service Tax, VAT, PAN, TDS, Bank as per procedures of each and every one.
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