Pvt. Ltd. company converted to LLp
This query is : Resolved
sanjeev singhal
(Querist)
05 March 2020
Our Pvt. Ltd. company got converted to LLP in February 2020. The Pvt Ltd. company was having carried forward losses , TDS for current Financial Year , Fixed Deposits, Property, and Bank balances. We have taken New PAN for LLP, and open new bank bank account.
Please Advice:
How to claim the carried forward losses of the Pvt. Ltd. company in the hands of LLP, since Pvt. company is no more in existence as per MCA. How to claim the Deferred Tax Liabilities of Pvt. Ltd. company in the hands of LLP.
How to claim TDS of current year of the Pvt. Ltd. company. in form 26 AS only Pvt. Ltd. PAN is mentioned.
Do we have to file ITR of both Pvt. Ltd. company and LLP for the A.Y.2020-21.then we have to continue to hold the bank account of Pvt. Ltd company till we get refund of TDS.
Please Advice:
How to claim the carried forward losses of the Pvt. Ltd. company in the hands of LLP, since Pvt. company is no more in existence as per MCA. How to claim the Deferred Tax Liabilities of Pvt. Ltd. company in the hands of LLP.
How to claim TDS of current year of the Pvt. Ltd. company. in form 26 AS only Pvt. Ltd. PAN is mentioned.
Do we have to file ITR of both Pvt. Ltd. company and LLP for the A.Y.2020-21.then we have to continue to hold the bank account of Pvt. Ltd company till we get refund of TDS.
CA PARAS BAFNA
(Expert)
07 March 2020
I may address some part of the query.
Till February 2020 the income of the Pvt Ltd Company will be assessed on its PAN only. TDS to be claimed in the Pvt Ltd Co.
LLP income will be separately considered in LLP's ITR.
You have to file ITR of both and have to continue the Bank A/c of the Company.
On February 2020 , after computing the profit /loss of the Co. , all the assets and liabilities are to be transferred to the LLP.
As such, only LLP has to show the b/f losses as if it is the erstwhile Pvt Ltd Co .
Till February 2020 the income of the Pvt Ltd Company will be assessed on its PAN only. TDS to be claimed in the Pvt Ltd Co.
LLP income will be separately considered in LLP's ITR.
You have to file ITR of both and have to continue the Bank A/c of the Company.
On February 2020 , after computing the profit /loss of the Co. , all the assets and liabilities are to be transferred to the LLP.
As such, only LLP has to show the b/f losses as if it is the erstwhile Pvt Ltd Co .
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