Sole propreitor converted to a firm
This query is : Resolved
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,
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.)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- Same demand raised for original as well as rectification request return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
