I started a partnership firm but after few month partnership resolved.Old partner leave the partnership.Now i am running the partnership firm with an other partner so i just want to surrender the old pan card and want to apply for the new pan card based on the new partnership dead.Please tell me what is the procedure and how can i do it.
I need the letter format to surrender the old one and procedure of new one.
17 December 2012
If the existing firm is re-constituted by new partnership deed, no need to surrender the PAN as long as there is no change in firm name. Therefore the existing PAN will holds good for the re-constituted partnership firm.
May i know if i have give an intimation to tax department for this re-constituted.My CA said that there is an issue of the date of creation that's why i have to surrender the old one.Please suggest me which help me to take a decision in it.thanks
17 December 2012
The new partnership deed which was reconstituted during the relevant financial year is to be attached while submitting the Income tax return of Partnership firm.
It means, whenever changes in partnership deed takes place, the same shall be submitted to IT department while filing ITR of Firm.
The date of creation is not an issue as far as IT dept is concerned provided the effective date of reconstitution is clearly mentioned in the new partnership deed.
Clarify, on what ground your CA stated the issues for surrendering the old PAN.
CAclubindia
