Hi,
I have come across a practical problem on Section 47(xiv) regarding conversion of proprietory business into company.
My query is what will be the tax implication in this case and whether all income of the previous year will be included in the income of the company or included in the income of Proprietor and Company on the basis of no. of days.
Regards
Faishal
Income of the firm that is before conversion to company will be taxable in the hands of the firm and the income after conversion would be taxable in the hands of the Firm.
Thanks & Regards
Sagar Oberai
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