13 June 2017
Dear sir Please tell me about this situation :- My father doing a proprietorship business, turnover about 5 crore, We want that my father take retirement from business and i want to become a proprietor of above mention business with effect from 01.04.2017, what compliance and obligation will require on this process under income tax act and vat act please suggest me that how and when i can do this for good manner.
13 June 2017
Dear sir 1. I understand that no need to inform VAT authority in this regarding am i right? 2. if i change this with effect from 01.07.2017 then no need for migration of exiting VAT registration in GST ?? 3. Any income tax related effect when we are a trader and no capital asset transferred ??
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