Question ID :
44747
Income Tax Treatment of Conversion of Proprietorship into LLP
I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are:
1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ?
2. How will the ITR of that person be filed ?
3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?
posted by
Gaurav Kumar Baranwal
on
Nov 13 2024 12:00AM