05 September 2016
My partnership has been closed on23/05/2015 and properitor ship has been started on 24/05.2015 so my question is that whether the closing of partnership( I.e. closing stock,fixed asset,debtor,creditor,bank) can be carried on as opening of properitorship In partnership there was 3 partner but after submission of dissolution deed ( deed contain taken over ) one person would continue as properitor an main problem is that after dissution bank of p'ship did not closed and properitor would use that bank so how it can be treat
05 September 2016
You need to close the bank account of Partnership and use your Proprietorship Current account. Also quote your personal Pan for TDS deduction purpose. It better to wind up the Partnership completely. Kindly check the agreements with Vendors and renew or send intimation letters to all regarding the dissolution.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
05 September 2016
K but now now what should I do bcoz my t/o is above 1 cr so I have tax audit for 14 -15
05 September 2016
Well you can show the same as ur proprietoship turnover. I hope you have done proper exit formalities when the partnership was dissolved
Querist :
Anonymous
Querist :
Anonymous
(Querist)
05 September 2016
So bank can be taken as opening in properitor ship