Parrtnership Firm To Proprietory convertion
This query is : Resolved
31 January 2011
Sir,
"Laxmi Packging" is a Partnership Firm having 2 partners (Ram & Shyam). and doing businee from 3 years.Ram is the son of Shyam
They want to Convert this Firm into ProprietorShip (to avoid 30% IT Rate)
1) Can Ram Continue the same business with same TIN Number under the Same Name?
2) Is it necessary to inform this conversion to VAT & IT Department
Thank you.
"Laxmi Packging" is a Partnership Firm having 2 partners (Ram & Shyam). and doing businee from 3 years.Ram is the son of Shyam
They want to Convert this Firm into ProprietorShip (to avoid 30% IT Rate)
1) Can Ram Continue the same business with same TIN Number under the Same Name?
2) Is it necessary to inform this conversion to VAT & IT Department
Thank you.
31 January 2011
1. In case of Income Tax Department the communication is necessary becuase even if the Ram continue the same business. And from the next year the business return will go under the PAN no. of Ram and the Frim pan no. will not exist and there is no return of Partnership firm.
2. In case of Tin i am not confirmed but you have to tell the department that the constition is changed.
2. In case of Tin i am not confirmed but you have to tell the department that the constition is changed.
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