Change in Busimess ? trade name

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jayant chandrachud (Querist)
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23 July 2011 A proprietor, running one proprietory firm establishes new firm under different name by transfer of all the assets and liabilities to new firm from old firm.He wishes to close the old firm after all the debtors are recovered. Would there be any Tax implications in this since there is no change in ownership but only change in trade / business name?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2011 Since in case of a prop. every thing routes through his personal return it will not make any difference.

In the return , just mentioned the names of the firm in which name business has been conducted during the year.

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