Formalities for selling of proprietor business.
This query is : Resolved
28 September 2011
Can any one guide me on following issue :-
Mr. x wanted to buy the business of Proprietor firm of Mr.y. So what are the formalities under income tax and under service tax?
Please reply urgently.
Can any one guide me on following issue :-
Mr. x wanted to buy the business of Proprietor firm of Mr.y. So what are the formalities under income tax and under service tax?
Please reply urgently.
28 September 2011
stamp duty is applicable on whole the consideration paid to the proprietor.
after the execution of sale deed, the new owner will get the following done in sequence.
change of ownership
1) trade licence
2) Bank accounts
3) Profession tax
4) any other registration where the PAN is not used
the old owner will cancel/ surrender all PAN based registrations, and at the same time the new owner will seek registration with new PAN number.
for statuary change the trade licence is needed to be changed at 1st stage and copies circulated to every respective department where the changed registration is applied, change in registration is sought.
after the execution of sale deed, the new owner will get the following done in sequence.
change of ownership
1) trade licence
2) Bank accounts
3) Profession tax
4) any other registration where the PAN is not used
the old owner will cancel/ surrender all PAN based registrations, and at the same time the new owner will seek registration with new PAN number.
for statuary change the trade licence is needed to be changed at 1st stage and copies circulated to every respective department where the changed registration is applied, change in registration is sought.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
