Urgent help required

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During the previous year, assessee was carrying out a sole proprietorship business for april 2013 to december 2013. He converted his proprietory business to a private limited company from january 2014.

i have following queries :

1. whether AMT will be applicable or MAT will be applicable ?

2. what are the provisions required to be checked while conducting tax audits ?

3. whether 2 returns will required to furnish or 1 ?

4. which form to be filled ITR4 or ITR6 ?

5. what other compliances are required to be checked ?

 

please help me in other matters which are required to be checked or take care while performing audit ?

 

thank you

Replies (1)

On conversion into a private limited Co., a separate person has come into existence for assessment under I.T. Law. Company will be separately assessed from now on.

1. MAT will be applicable on the Co

2. You will furnish return as an individual including your income from sole proprietoship & any remuneration from the Co.
Return for the private ltd co. will be separately filed in ITR-6 

3. For co. additional ROC compliances will be reqd to be checked

Rest of your queries were quite general to be answered

 

 

Hope this helps

 


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