Conversion of Proprietory business into company

CA FAISHAL (Accountant Auditor Tax Consultant)   (32 Points)

07 July 2011  

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