RaviN (Self) (24 Points)
11 August 2011Hi All,
I would like to know the procedure for changing Branch office (of a international company) into Private Limited company. I also have following questions;
Nitin Grover
(CS)
(1228 Points)
Replied 11 August 2011
Dear Ravin
Please give little bit clarification about your question.
You wanna convert Firm into Private Limited. - if yes you have to take new PAN but TIN will be same you have to intimate about this to VAT Authority enclosed with all documents.
itf you wanna change add then pls tell??
feel free to ask any further query
Regards
CS Nitin Grover
+91-9582009494
Email : nitinsgrover @ gmail.com
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 11 August 2011
| Originally posted by : RaviN | ||
 |
Hi All, I would like to know the procedure for changing Branch office (of a international company) into Private Limited company. I also have following questions; Will I have to get new PAN number/TIN after changing into Private Limited? If the change takes place in the middle of the year can should I furnish two balance sheets and P&L statements |
 |
First the Branch office needs to be closed and there is prescribed procedure from the same in terms of RBI,MCA and Income Tax department(Service Tax also if applicable). I am enclosing the procedure prescribed by RBI in the master circular issued by it on the subject.
Also a Branch and a Pvt. Ltd. Company are seprate & different entities. Branch is an Foreign Company whereas company registered under Companies Act, 1956 is an Indian Company. So you need to obtain fresh PAN and TAN/TIN .
Yes two balance sheets will be required to be prepared. For Branch from 1st April 2011 till its closure which shall be submitted to MCA,RBI and Income Tax. Whereas for Company the same shall be from Date of Incorporation to 31st march for the purpose of MCA and Income Tax Act.
Anuj
+91-9810106211
femaquery @ gmail.com
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