ITR filling in case of conversion to private ltd company

[Jaya Sinha]

Partnership conversion to Pvt ltd company during the previous year. Do I need to file separate ITR for partnership and company in the relevant A.Y before and after conversion?

[DR.MARIAPPAN GOVINDARAJAN]

Yes, definitely.

AI Summary

Separate tax returns required when a partnership converts to a private company, ensuring distinct reporting for each entity. When a partnership converts into a private limited company during the previous year, separate income tax returns must be filed for the partnership and for the private company for the respective assessment years; the partnership reports up to conversion and the company reports for the period after conversion, treating each as a distinct taxable entity for filing purposes.