Takeover of a proprietorship firm by a company
This query is : Resolved
06 July 2012
Our client has incorporated a new company which has taken over a proprietorship business. What will be the implications for the company in respect of income tax?
07 July 2012
as to what ??
10 July 2012
Relating WDV of Assets, whether opening stock will be shown or will it be shown as purchases, Depreciation will be charged proportionately or for the full year, opening WDV will be shown of assets or purchase of assets will be shown?
10 July 2012
WDV to the previous owner will be the COA for the company
if it is taken in between the year then proportionate depreciation will be claimed by the company and the proprietor
in all you can say that only the proportionate figure will be divided b/w them and nothing
suppose a block WDV is Rs.100 and purchase during the year is Rs.10 (assume Depn @10%)
and if the conversion take place after six months
then
Proprietor will claim depn Rs.5.5/-
and the company will claim Rs.5.5/-
and the asset will be shown in the b/s of company at Rs.99/-
if it is taken in between the year then proportionate depreciation will be claimed by the company and the proprietor
in all you can say that only the proportionate figure will be divided b/w them and nothing
suppose a block WDV is Rs.100 and purchase during the year is Rs.10 (assume Depn @10%)
and if the conversion take place after six months
then
Proprietor will claim depn Rs.5.5/-
and the company will claim Rs.5.5/-
and the asset will be shown in the b/s of company at Rs.99/-
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
