Tds
This query is : Resolved
29 May 2013
X Firm partner firm w.e.f. 1/4/2011 and Total Turnover above 1.10/- Lacs for Accouhnt Year 2012-13 (Audited Firm)
The X firm dissolution from 31/3/2013 and Converted in Proprietor firm from 01/4/2013
TDS Liabilities on Contract Payment (?)
The X firm dissolution from 31/3/2013 and Converted in Proprietor firm from 01/4/2013
TDS Liabilities on Contract Payment (?)
Rupesh Jain
(Expert)
29 May 2013
not required due to first year of propritor firm
29 May 2013
Partnership Firm can not be converted in Prop Firm. Only the assets and liabilities can be taken over by Prop Firm. The Prop Firm will continue to assessed under the Individual PAN of Proprietor. And therefore TDS needs to be deducted only if during the previous year Tax Audit was applicable on Prop Firm.
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