Comment on Account Opening Process - Corporate,Partnership Firm, & HUF

Aniruddha Umrani commented on 09 Apr 2016, 01:37 PM

Dear Mr. Kamath / all at Zerodha,

I have been with Zerodha since September 2015 and have also pursued my wife and my mother to open up accounts with Zerodha. Now all three of us are with Zerodha.

We are thinking of start trading in a bit large volumes, particularly in F&O. In the same context, I was going through module no. 7 in Varsity about taxation and learnt that it is better to do so by floating a company.

I have 3 questions as follows;
1. Will we need to terminate our individual accounts?
2. If we float a company, say within a month, and start trading under the same, will our company’s turnover/profit be combined with individual turnover/profit for the taxation purpose for the financial year 2016-17?
3. If we float a company or a partnership firm, the same being new, which document will you accept in place of balance sheet for last 2 years?

Your guidance for the above will be appreciated.

Regards,
Aniruddha

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