conversion of firm into a company, section 45 and 32
This query is : Resolved
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.
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
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
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