Purchasing a proprietorship company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2011 I'm planing to purchase a proprietorship company. The existing company is registered in Service Tax. What procedure needs to be followed? Is it okay if the current proprietor closes the bank account and inform service tax authorities about closure and I open a fresh bank account and apply for fresh service tax registration? Or is is necessary to enter into sales agreement.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 February 2011 It is better to enter into an agreement by prescribing all the conditions agreed upon by both the parties to avoid any future dispute.

You can wait for application of new registration no. in this FY in case your taxable services does not exceed Rs. 10.00 lac.

You may apply when you cross 9.00 lac mark.

Guest

Guest (Expert)

22 February 2011 You will have to open a fresh bank account also.

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