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CS Professional · Advanced Direct Tax Laws and Practice · Computation of Total Income, Tax Liability and Filing of Return of Companies

A specified person under section 352 of the Income-tax Act, 2025 converts itself during a tax year into a form not eligible for registration. For this case, the tax on accreted income is payable within fourteen days from which due date?

For conversion into a form not eligible for registration, the due date is the end of the tax year in which the conversion occurs, and tax is payable within fourteen days from it. The conversion date is only the date for valuing assets and liabilities.

  1. AThe date of such conversion
  2. BThe end of the tax year in which conversion occursCorrect
  3. CThe date of the next return filing
  4. DThe date twelve months after the conversion

Explanation

In the Table, for conversion into an ineligible form, the specified date is the date of conversion and the due date is the end of such tax year. Tax is payable within fourteen days of that due date. The conversion date is only the valuation date.

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