Proprietorship connverted into partnership during the year
This query is : Resolved
17 October 2014
I have a query regarding how can i treat the following:
- An Assessee who was running a proprietorship (Audit is applicable)
- during the year a person joins & they form a partnership firm.(Audit is applicable)
As on the date of 31.march what should be the treatment in respect of ITR, Audit reports?
Please Help!
- An Assessee who was running a proprietorship (Audit is applicable)
- during the year a person joins & they form a partnership firm.(Audit is applicable)
As on the date of 31.march what should be the treatment in respect of ITR, Audit reports?
Please Help!
17 October 2014
you need to file two separate returns. audit applicability will depend separate turnovers of proprietorship and partnership
17 October 2014
Audit has already been done.
Now Shall we need to file two audit reports?
One for individual & second for partnership firm?
Now Shall we need to file two audit reports?
One for individual & second for partnership firm?
17 October 2014
if the turnover during the period the proprietorship and partnership existed, exceeded 44AB limit, then yes..separate audit reports are to be filed.
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