archana pitti (accountant and auditor) (111 Points)
28 March 2015hi friends, please let me know how a proprietor can be replaced by another person? When is sister gifting it to his own n=brother…….. How is to be done in the simplest way? -- what is legal procedure or formalities in AP/Telangana VAT department? -- what is the provision in Income Tax? -- what are the other fomalities?
Archana Pitti
Email- archanapitti775 @ gmail.com
sesha
(accounts executive)
(1101 Points)
Replied 29 March 2015
u take transfer of ownership but is elaborate and lengthy process better ucan doapproach like this way, take apower of attorney sister giving powerof attorney on writing to brother for period for some period that should given to sales tax and income if uchange u name again uwant to re register vat simply way ask sister to give power attorney foor to brother on legal paper
archana pitti
(accountant and auditor)
(111 Points)
Replied 30 March 2015
i want to transfer it as a going concern business... so do i need to obtain a new TIN no. and cancel the old one??
sesha
(accounts executive)
(1101 Points)
Replied 30 March 2015
if uwant have tin no for more than 6yrs in the state of a.p then uwill get vatcredit refund when uhave sufficient creditand ucan cancell r.ctin , otherwise u vat input credit will bewasted and , inthe case change of name pls see when the proprietorship gets vat registered ,for morethan 6 yrs and cancel r.c
in othercase uwant take fresh registration in case of name change
CAclubindia
