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@Learner (Querist)

25 November 2014 During the previous year, assessee was carrying out a sole proprietorship business for april 2013 to december 2013. He converted his proprietory business to a private limited company from january 2014.

i have following queries :

1. whether AMT will be applicable or MAT will be applicable ?

2. what are the provisions required to be checked while conducting tax audits ?

3. whether 2 returns will required to furnish or 1 ?

4. which form to be filled ITR4 or ITR6 ?

5. what other compliances are required to be checked ?

please help me in other matters which are required to be checked or take care while performing audit ?

thank you

Amol S Joglekar

Amol S Joglekar (Expert)

25 November 2014 There are now 2 entities as per income tax.
01 Individual and 02. Company

So you need to prepare 2 returns one of individual and another of company.

Company's accounts are required to be audited....Statutory Audit.

@Learner

@Learner (Querist)

25 November 2014 but all the conditions specified u/s 47 are satisfied, still he is required to furnish 2 returns ?

Amol S Joglekar

Amol S Joglekar (Expert)

25 November 2014 There are 2 entities now.
Individual and
Company.
The income tax return is required to be filed. (If individual is having income less than taxable limit, then that individual need not file the return)

@Learner

@Learner (Querist)

25 November 2014 thank you sir,

whether all the 2 formalities of income tax act is required to follow?

i.e 2 audits, 2 3cb 3cd, two returns,