Amalgamation of company

Chintan Shah (-) (534 Points)

04 March 2010  

Dear friends,

If amalgamation takes place during the year, will the amalgamating companies be required to file the return of income, since they donot exist on 31st of march of the previous year? Will the companies be required to prepare seperate books of accounts and get them audited? If the turnover of the companies taken together exceeds Rs. 60 lacs but individually doesnot exceed Rs. 60 lacs, will they be required to get their accounts audited?

In whose hands the profits prior to date of amalgamation be taxable? amalgamating companies or amalgamated company?

Thanks in advance

Regards

Chintan