Sona Shalini (Chartered Accountant CS Final ) (82 Points)
26 November 2010If a firm converts into a sole propreitorship concern, should it obtain a new TAN?
I think it need not obtain a new one, but needs to change the details in the previously provided details for applying for the TAN. And the same TAN number would apply for the sole propship also.....
Clarify this point......
Murtuza Roshan
(Practicing Chartered Accountant)
(437 Points)
Replied 27 November 2010
Yes i think it should apply for correction in TAN!!
Somebody
(IT Consultant)
(126 Points)
Replied 27 November 2010
The Structure of PAN and TAN has been designed scientifically. Like 5the alpha in case of Individuals, is the first letter of Surname. In case of non-individuals, it is the first letter of name. So is the 4th alpha of TAN. There are many other codes also .. like for individuals, fourth alpha is "P", Firms-F, Companies-C, AOP-A, HUF-H, etc etc. There are many more codings in alpha and nos which is not a point to discuss for your qn. In case of proprietory business, it is the proprietor who is issued PAN, not the business/trade name.
Because of these codings, logically, PANs oand TANs of one may not be transferable to other through correction.
Moreover, since the firm is no more in existance, i think, all its PAN or TAN should be surrendered and only if the proprietor is not already having his personal PAN & TAN, he should apply afresh.
swapnil
(CA Final)
(598 Points)
Replied 27 November 2010
i think kundan is right,
because when parnership firm is converted into individual, it is nothink but the parnership firm has dissolved so we have to surrender partnership PAN and TAN no.
so altimetly induvidual person have it own PAN card, than they can apply for new TAN no. on the basis of individual,
good one 2 raise the practical quarry,
CAclubindia
