|Originally posted by : RaviN
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.
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