Is 206 C (1H) applicable to new firm, which is proprietorship in year 2020-21 and T.O More than 10 C

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This discussion clarifies the applicability of Section 206C(1H) for a business transitioning from a proprietorship to a partnership firm. The key point is that the criteria for Section 206C(1H) must be met by the partnership firm itself. Therefore, if the new partnership firm satisfies the conditions, the section will be applicable, irrespective of the previous proprietorship's turnover.

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(Querist)
20 December 2021 Last year 2020-21 we are proprietorship and turnover was more than 10 crore. This year we are partnership firm. My question is whether 206 c (1H) is applicable to new firm or not.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
20 December 2021 NO. PARTNERSHIP FIRM SHOULD SATISFY THE CRITERIA.
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muthusundar

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muthusundar (Querist)
21 December 2021 Thank you very much for your immediate reply
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
21 December 2021 Its my pleasure.
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