Conversion of proprietory concern into partnership
This query is : Resolved
19 September 2011
how is the firm which is converted into partnership concern from proprietory concern in the middle of the year, treated for taxation purpose.
20 September 2011
From the date of formation of the partnership firm, the income will be taxed in the hands of the partnership firm.
Before that date, it will be taxable in the hands of the individual.
Before that date, it will be taxable in the hands of the individual.
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