Conversion of Business

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  • During the financial year 2002-03, a closely held public company had issued one per cent non-cumulative redeemable convertible preference shares. These preference shares could be redeemed or converted into equity shares compulsorily at the end of seven years or earlier at the option of the company. The company during 2010-11 had converted the said preference shares into equity shares. The conversion has been made at par at Rs.10 each and accordingly the preference shareholders have been allotted shares, the fair market value of which is Rs.32 per share.
  • A company wants to reorganise its business and decides to convert itself into Limited Liability Partnership (LLP) in the near future so as to avoid Minimum Alternate Tax (MAT) and tax on deemed dividend under Sec. 2(22)(e), which are inapplicable for LLPs. Can such conversion be ignored by the assessing officer as a device for avoiding tax?
  • How Can I Get The Most Out Of My Small Business Tax Return?
  • What is the effect of conversion of firm to LLP? Is there any benefit which I will get if I convert my company into LLP?


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