Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 20 November 2021
For presumptive assessment file ITR 4
Otherwise File ITR 5 ..
Janak Shah
(ca)
(603 Points)
Replied 21 November 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 21 November 2021
rakesh
(student)
(457 Points)
Replied 22 November 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 22 November 2021
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.
JJJ
(Need help)
(675 Points)
Replied 22 November 2021
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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 25 November 2021
1. Correct.
2. Natural justice applied.
rakesh
(student)
(457 Points)
Replied 09 December 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 09 December 2021
Yes, if total business is transferred/ carried over as per GST. act.
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