Separate registration
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2013
Dear sir,
I registered under state KVAT 2003, as Proprietor dealing in automobiles, now I am having the offer to start the spare part division, in this latter business I want to take my cousin as partner , whether it is necessary to Register separate under KVAT 2003, as I want to do partnership business only in Spare part business.i.e.whether single license enough to opt for partnership business.
kindly resolve stated matter along with application of Income tax act.
I registered under state KVAT 2003, as Proprietor dealing in automobiles, now I am having the offer to start the spare part division, in this latter business I want to take my cousin as partner , whether it is necessary to Register separate under KVAT 2003, as I want to do partnership business only in Spare part business.i.e.whether single license enough to opt for partnership business.
kindly resolve stated matter along with application of Income tax act.
29 January 2013
1) Execute a partnership deed in Rs. 1,000/- stamp paper for the partnership business. Separate VAT registration is required for the partnership firm as per KVAT Act,2003.
2) (a)Proprietory firm will be assessed to income tax under your PAN.
(b) For partnership firm assessment will be made in the name of firm for which PAN may be aplied for.
2) (a)Proprietory firm will be assessed to income tax under your PAN.
(b) For partnership firm assessment will be made in the name of firm for which PAN may be aplied for.
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