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?
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/-
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