Partnership converted into Proprietorship
This query is : Resolved
16 February 2011
M/s XY a Partnership Firm is converted into a Proprietorship from Oct - 10 onwards in the name of Mr. X. How to show this in the Income Tax Return of Mr. X?
Regards,
Devenrda
Regards,
Devenrda
chetan soni
(Expert)
16 February 2011
there will be two income tax returns one is for firm & other one is for individual.
In Mr. X's returns you need to considered the partners income till the partnership firm exists. After that the prop. income needs to be considered.
In Mr. X's returns you need to considered the partners income till the partnership firm exists. After that the prop. income needs to be considered.
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