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 ?
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.
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