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 Form for change the status from Partnership firm to Private Limited Company.
  2. Copy of Company Pan card with seal and signature
  3. Copy of Partnership firm pan surrender letter with seal and signature 
  4. Bank proof (Canceled cheque copy or bank account statement / Passbook copy) not more than 3 months with seal and signature.
  5. FATCA& UBO (with seal and signature)
  6. Change of bank forms AMC wise
  7. ROC (Registration of Certificate) with seal and signature 
  8. Old Partnership firm Surrender letter with seal and signature 
  9. MOA & AOA with seal and signature
  10. LLP to Private Limited Conversion letter with seal and signature 
  11. Board Resolution and ASL(Authorized Signatory List) with with seal and signature 

 

The TAT for the change of tax status to be updated is 6 to 10 working days.