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Partnership converted into Proprietorship

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16 February 2011 M/s XY a Partnership Firm is converted into a Proprietorship from Oct - 10 onwards in the name of Mr. X. How to show this in the Income Tax Return of Mr. X?

Regards,
Devenrda
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chetan soni

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chetan soni (Expert)
16 February 2011 there will be two income tax returns one is for firm & other one is for individual.

In Mr. X's returns you need to considered the partners income till the partnership firm exists. After that the prop. income needs to be considered.

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