Partnership - income tax

Asha (Querist) 24 December 2011 This query is : Resolved
Respected Seniors, We having a partnership firm from last five years, now one partner is going out as a retirement and a new partner is coming in as a new admission, so what are the procedure to inform Income Tax Deparment and Sales Tax Department for amend in constitution, and also provide me the new partnership deed for amendment - thanks

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Pradeep Rohra (Expert) 24 December 2011
You have to draft a new Partnership Deed and notarise it and submit certifide copy of parnership deed in the Income tax & Sales Tax Dept. as a proof. If you need further guidence then contact me on +919824253770 between 10.00 to 11.00 a.m.

Asha (Querist) 24 December 2011
thanks a lot sir..

Sadashiv Rupchand Gaikwad (Expert) 25 December 2011
First you make Admission Deed and if possible retirement Deed in another next year.In the case of Patnership which having only two Partners, when one partners retire, the Firm may become Dissolve automatically. You may enter New Partner first and in the next year retire the outgoing partner in another year.

Sadashiv Rupchand Gaikwad (Expert) 25 December 2011
Same Deed copy is to be submitted at Bank, sales Tax and your major client.Fixed Firm's Tax Liability and Goodwill.