Tax. Treatment for Losses of Past years
This query is : Resolved
17 June 2022
Dear Sir
LLP Wants to convert in Private Limited Company .
Losses Incurred Till Now From Incorporation are transferred to Fluctuating capital of Designated partner .But Now LLP Wants To Transfer Losses of Current year as well as past years To Reserve and Surplus account and thereby carry forward To Private Limited Company books .
Can it be done or Any specific clause are available ?
LLP Wants to convert in Private Limited Company .
Losses Incurred Till Now From Incorporation are transferred to Fluctuating capital of Designated partner .But Now LLP Wants To Transfer Losses of Current year as well as past years To Reserve and Surplus account and thereby carry forward To Private Limited Company books .
Can it be done or Any specific clause are available ?
CA R SEETHARAMAN
(Expert)
17 June 2022
Yes, it can be done.
Advantages of LLP Conversion into Company:
1. No capital gain tax.
2. Carry forward of unabsorbed losses and depreciation.
3. Continuation of Brand Value.
4. Existing LLP is replaced as a private limited company.
Advantages of LLP Conversion into Company:
1. No capital gain tax.
2. Carry forward of unabsorbed losses and depreciation.
3. Continuation of Brand Value.
4. Existing LLP is replaced as a private limited company.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
