taxability of pre-incorporation profit
This query is : Resolved
GAURAV JAIN
(Querist)
25 September 2010
in whose hand, pre-incorparation profits of a company will be taxable??
Manaraj Palaniswamy
(Expert)
28 September 2010
Dear Gaurav,
Pre-incorporation profits are taxable in the hands of the company provided the activity/business conducted by the promoters of the company prior to its incorporation are adopted by the company in its first general meeting otherwise taxable in the hands of the promoters who conducted the business.
Pre-incorporation profits are taxable in the hands of the company provided the activity/business conducted by the promoters of the company prior to its incorporation are adopted by the company in its first general meeting otherwise taxable in the hands of the promoters who conducted the business.
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