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where a company is transferred to LLP or sole proprietor to LLP,are we required to file two returns for that year, one for company/sole proprietor and one for LLP.?I think we required to file two returns. plz correct me if am wrong.
Replies (4)
yes. you are required to file two separate returns....
yes. you are required to file two separate returns....
Yes, you are correct sreenivas
Income upto the date of transfer is taxable in the hands of Individual or Company. Income after the date of transfer is taxable as income of LLP.
Hence 2 separate returns are required to be filed.
yes. two separate returns are filed.
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