conversion of firm into a company, section 45 and 32

This query is : Resolved

minu (Querist)
Follow

07 December 2008 In a conversion of firm into a company all the conditions of section 45 are satisfied, then how to calculate depreciation? what will the WDV in the books of the company, i.e. after deduction pro rata depreciation or opening balance of firm?, Why not company can get the credit of advance tax paid by the firm? Because the advance tax is paid on the basis of whole years estimated income and because the conversion took place the tax is to be paid twice? Please give elaborated reply on this.

Nilesh Shah

Nilesh Shah (Expert)
Follow

07 December 2008 Nilesh Shah Writes:
E Mail: nilesh63@vsnl.com

It is necessary for you to comply with the condition under section 47(1)(xiii).

The value of the assets in the books of the firm i.e the WDV will also be the value at which the company will take over those assets.

Regards,

Nilesh Shah

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vidit Ratanghayra

CA Varun Gupta

Pawan Haryani

Naresh Dhawan

Tanishka Khandelwal

Subscribe Now

conversion of firm into a company, section 45 and 32

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

Article Assistant

GST CONSULTANCY

GST CONSULTANT

Manager- Finance and Compliance