ISSUE RELATED TO LLP CONVERSION

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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2011 Please gives your Kind attention towards following issue and le me know your opinion on this

One of our groups PVT Co has been recently converted into LLP now 3 things I want to know:

1. Is PAN No. Change if Change whether should I filled two returns for this year in my view PAN No. will definitely would be changed as status is being changed .But not sure whether two returns filled or not
2. Is TAN No. Changed if Change whether should we able to take credit of TDS deducted on account of old No and old status
3. As you know TDS deduction liability arises after amount crossed the certain limit now suppose in old status I have paid profession fess to some one at that time as amount not crossing the limit and I did not considered that in future any transaction would be there for same party so I have not deducted any tax at that time but now after changing the status I have to do the transaction from the same party now my question resulting this Is limit would be considered that has been crossed and TDS deduction liability would be arises to the LLP In my opinion earlier bill raised by party in the name of Co. and now in the Name of LLP .

Thanks with regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2011 1. Is PAN No. Change if Change whether should I filled two returns for this year in my view PAN No. will definitely would be changed as status is being changed .But not sure whether two returns filled or not

Ans : Yes two returns, one for Co. and one for LLP are required to be filed.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2011 2. Is TAN No. Changed if Change whether should we able to take credit of TDS deducted on account of old No and old status

2. In my view, these are 2 separate assessees
for the IT department. Tax credit will be taken by the respective assessees.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2011 As the status has been changed, assessee has also been changed. In fresh LLP fresh countdown will start. You need not to consider the earlier payments made by PVT LTD Co. for reckoning the amount on which TDS liability arises.

Two separate assessment will be made.

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