Income tax returns filing on conversion to partnership firm

For presumptive assessment file ITR 4

Otherwise File ITR 5 ..

Yes, for proprietor/Individual ..... ITR 3/4 for complete year, but business details till its closure.

For Partnership firm ITR 4 or 5 from the date of incorporation till the end of financial year.

I don't want to hijack this topic, but I had similar queries, so I thought it was best to ask here!

Like Mr Rakesh I am also checking on how to account for Proprietorship to Partnership conversion. The ITR part is now clear, but there were some more concerns especially about the transition period because many activities will overlap for some time.

E.g. 

a. Some payments for the Firm are being received in the Proprietor's bank account. Can we just transfer the money to the Firm's bank account and record the sales / income against the Firm?

b. Also many expenses will continue from proprietor's account for some time because it is not feasible to change everything overnight. Like rent and electricity bills. Is there a rule for distributing the expenses?
 

1. Correct.

2. Natural justice applied.

Yes, if total business is transferred/ carried over as per GST. act.