| Question And Answer | |
|---|---|
| Subject: | Procedure for intimation to Registrar of Firms. |
| Category: | Income-Tax |
| Querist: | Disha Shah |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Dissolution of firm GST registration |
| Date: | October 7, 2021 |
A partnership firm was with two partners between Father and Son. Assets of the firm consist of immovable n movable assets. Father expired on 20.08.2020. There is no other member in the family. How to comply the following
1. What deed is to be executed so that relevant form regarding dissolution of firm can be uploaded.
2. How to intimate this to GST authorities and get the number change
3. Will there be any Tax liability U/sec. 45(4) and 9 B of the Act.
4. How to inform Income Tax Authorities about dissolution of Partnership
As we understand, A deed of dissolution will have to be executed. A copy of the same can be filed before the jurisdictional Assessing Officer. Tax liability will be in the hands of the Firm under section 45(4) of the Income-tax Act, 1961. As the Partnership firm is dissolved, the GST Registration number will have to be surrendered and a new registration will have to be obtained in the name of the individual carrying out the business.
Since there were only two partners and one of them is expired and there are no other family members who will sign the dissolution deed.