Luvish Jain (Tax Consultant) (507 Points)
09 May 2018Our Pvt. Ltd. company has approx Rs.80 lacs in Reserves.
Last 2 years turnover was more than Rs.1 crore.
We want to dissolve the company and not to do more work for which want least to least Tax Payments comprising of Income Tax, GST etc.
Kindly Help as earliest as possible.
P.S. Any mode of company closure shall work whether liquidation or conversion provided tax compliances are least.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 07 September 2019
1. If you are looking to maintain the reputation go for conversion into LLP.
2. In case of LLP compliances are less and there are prerequisite conditions attached to conversion.
3. However, GST and IT will be based on the sale of product and profit.
4. For further query look into "Procedure for conversion of private ltd into LLP"
Please correct me if the above solution has an alternative view.
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