06-14-2011, 07:18 PM
It is really glad to me that U R giving me attention personally I am really thank full to you. Let me define you brief scenario
PSI was a sole proprietorship concern organization for the purpose to convert the same running business in a private limited company was formed at that time there were to options with us either we liquidate the running business and start in form of company or to form another company with the similar name and take over the running business by all means this is possible to do. we have closed our existing business finalized the account executed the taking over agreement and submitted the copies of the same documents to all authorities now we are going to submit the same copy to PRAAL (FBR)
the matter here is the Income tax paid in advance against the import of raw material U/s 153 1A that is totally refundable is part of current assets that is transferred at the time of taking over.
and regarding the bank account it has done in the same manner as you described in the post above.
PSI was a sole proprietorship concern organization for the purpose to convert the same running business in a private limited company was formed at that time there were to options with us either we liquidate the running business and start in form of company or to form another company with the similar name and take over the running business by all means this is possible to do. we have closed our existing business finalized the account executed the taking over agreement and submitted the copies of the same documents to all authorities now we are going to submit the same copy to PRAAL (FBR)
the matter here is the Income tax paid in advance against the import of raw material U/s 153 1A that is totally refundable is part of current assets that is transferred at the time of taking over.
and regarding the bank account it has done in the same manner as you described in the post above.
