Sole propreitor converted to a firm
This query is : Resolved
Rahul Agarwal
(Querist)
26 April 2012
Dear Exerts,
I need your comments and advice on below.
A person is practising dentist and was running it in sole prop form of business. Now he has converted the same to a firm by notifying the same through a notary.
How will the tax be assessed for him and his firm.
Kindly advise. Thanks!
Regards,
I need your comments and advice on below.
A person is practising dentist and was running it in sole prop form of business. Now he has converted the same to a firm by notifying the same through a notary.
How will the tax be assessed for him and his firm.
Kindly advise. Thanks!
Regards,
Amol S Joglekar
(Expert)
27 April 2012
Compute individual income till the date of conversion. From date of conversion to 31st March, compute firm's income. Add the salary from firm (if any) to Individual income the rest will be taxed in the hands of FIRM. (Hope you have applied for the PAN of firm.)
Rahul Agarwal
(Querist)
27 April 2012
yes. The PAN has been applied for in order to file the return of the firm..This will only be the first year for the firm to file the return.
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