Very urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2011
Query is regarding accounting & taxation of a partnership firm, the details of which are as under:
1. Prop. firm was started by Mr. X from
Oct 2010.
2. On 10-1-2011, Mr. Y joined the firm
with 50% Sharing as partner and the
status of the firm changed from Prop.
to Partnership Firm.
So the query is now:
1. How the accounting will be done?
2. How the taxation will be done?
Does need to prepare separate accounts for the period Oct 2010 to 10-1-2011 & 11-1-2011 to 31-3-2011???
Please provide detailed information regarding the matter.
Thanks
1. Prop. firm was started by Mr. X from
Oct 2010.
2. On 10-1-2011, Mr. Y joined the firm
with 50% Sharing as partner and the
status of the firm changed from Prop.
to Partnership Firm.
So the query is now:
1. How the accounting will be done?
2. How the taxation will be done?
Does need to prepare separate accounts for the period Oct 2010 to 10-1-2011 & 11-1-2011 to 31-3-2011???
Please provide detailed information regarding the matter.
Thanks
20 September 2011
Accouting will be done for two accounting period.
one will be till 10.01.11 and another will be after 10.01.11 as both will be seperate entity.
For tax purpose before 10.01.11 it will be clubbed with individual taxability and for after 10.01.11 it will be taxability of firm.
one will be till 10.01.11 and another will be after 10.01.11 as both will be seperate entity.
For tax purpose before 10.01.11 it will be clubbed with individual taxability and for after 10.01.11 it will be taxability of firm.
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
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Agriculture income or business income
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
