For making the changes in the tax status of the non-individual accounts, it is a process in which the tax status is registered as "Partnership Firm" which will be updated to "Private Limited" 

          

Step 1: The Partnership client has to update the bank account status from the Partnership Firm account to the Private Limited account

 

Step 2: Once the bank account status is updated, the client has to complete the KYC registration process.

 

Step 3: After the registration of the KYC, the tax status needs to be updated in the folios as well, following are the documents required for updating the same in the folios:

                

  1. Request a change form to change the status from Partnership firm to Private Limited.
  2. Company Pan card copy
  3. Pvt Ltd canceled cheque copy or bank account statement copy
  4. FATCA& UBO
  5. Change of bank forms AMC wise
  6. Old Partnership form Surrender letter
  7. MOA & AOA
  8. LLP to Private Limited Conversion letter
  9. Board Resolution
  10. ASL(Authorized Signatory List)

 

The TAT for the tax status to be updated from minor to major is 6 to 10 working days.