Legal Question in Tax Law in India

Change in Constitution of Firm

(Regulation 190)

Change(s) in the particulars mentioned in Form 18 at the time of registration of a firm shall be communicated to the Institute within one month. Intimation is also required in case member's name is removed or C.O.P. is cancelled requiring deletion of his name as a partner of the firm and declaration of the name and membership number of the partner who will be incharge of H.O. / B.O. if the outgoing partner was incharge.

In case of dissolution / closure of a firm, all partners should give a letter to the effect, intimation date of dissolution / closure of the Firm.

Requirements

1. File Form 18 with modified particulars duly signed by all the partners alongwith a covering letter mentioning the changes within one month.

2. Mention firm registration number (FRN) in 2. Mention firm registration number (FRN) in Form 18..

3. In case of retirement of partner(s) consent letter of the retiring partner be attached along with Form 18 signed by the remaining partners.

4. In case dissolution / closure, send a letter signed by all the partners to the effect and giving date of dissolution / closure.

5. In case of take-over of the firm from the legal heir of the deceased member, the date of take over should be the date immediately following the day of death. Particulars in Form 18 should be submitted by the purchaser before the date of closure of the firm due to death of the member is noted in the records of the Institute, alongwith an attested copy of the sale deed and a confirmation from a legal heir.

Engagement in Other Occupation/Business by a CA

(Regulation 190 A)

A Chartered Accountant in practice shall not engage in any business or occupation other than the profession of accountancy, except with the permission granted in accordance with the resolution of the Council

The resolution of the Council in this regard appearing at Appendix (10) to the CA Regulations is reproduced below:-