22 September 2012
Dear Experts, What will be implication on depreciation on conversion of proprietary concern into partnership firm, in between the year under Income Tax Act ? Will, implication be same as that of conversion of proprietary concern into Company, i.e depreciation based on number day for which assets was held by respective concern
22 September 2012
Its Same as of Prop Concern Converting Into Company. Almost Same Provision. No Change. Since Specifically Income Tax No Where Mentioned This Conversion.
22 September 2012
Thank you CA Ayush. One more question So how to give effect in ITR(issued by IT Dept) as there it calculate as if it is held from start of the year
CAclubindia
