Certification of financial repoting period.
This query is : Open
30 September 2011
A proprietorship business is converted into partnership business in 1.10.2011.Assuming financial year 2011-12.
How an auditor should certify the financial reporting period in both cases, If in both situation same auditor is appointed ?
How an auditor should certify the financial reporting period in both cases, If in both situation same auditor is appointed ?
30 September 2011
Dear Abhishek,
One auditor can certify both the parties records. For proprietorship you have to file a different ITR and For partnership firm different ITR will be filed. Than the share of the partner(proprietor also earlier) in profits of Partnership firm who is will be added in his ITR, but no tax will be applicable on it as the Partnership firm already paid the tax on it.
One auditor can certify both the parties records. For proprietorship you have to file a different ITR and For partnership firm different ITR will be filed. Than the share of the partner(proprietor also earlier) in profits of Partnership firm who is will be added in his ITR, but no tax will be applicable on it as the Partnership firm already paid the tax on it.
10 December 2011
WHEATHER FINANCIAL REPORTING Date should be
1.4.2011 to 30.9.2011 or 1.4.2011 to 31.3.2012 for proprietorship business ?
1.4.2011 to 30.9.2011 or 1.4.2011 to 31.3.2012 for proprietorship business ?
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