Dear all,
For conversion of Pvt Ltd Co. to LLP is there any particular turnover is required to be fulfilled ?? or any Pvt co. can be converted into LLP
Mandar
(Associate)
(561 Points)
Replied 12 April 2016
As per Section 47(xiib) of IT Act , Point (e) :- (e) the total sales, turnover or gross receipts in business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; and
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 14 April 2016
There is no such requriement under the Companies Act.
Dhara
(Company Secretary)
(298 Points)
Replied 14 April 2016
So can we convert irrespective of sales /turover etc requirements under income tax act ???
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 14 April 2016
In the conversion, if the above condituion of IT Act is complied with the transfer of assets or liabilities will not be considered as Transefer for capital gain purpose.
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