TIN no for firm vs individual

Sirs, I want to know the benefits of taking TIN no in company firm vs individual. My total turn over is 20 lakhs per year. Which one is better for me now? I am having a tin in partnership firm but i want to change it to individual firm. Please suggest me.
Asked 2 years ago in Income Tax from Coimbatore, Tamil Nadu
hi
i am not able to get what you exactly what to know??
Shubhi Goel
CA, New Delhi
3 Answers
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There is no special advantage or disadvantage, so far as VAT is concerned, whether you are an individual or a company. 
B Vijaya Kumar
CA, Hyderabad
580 Answers
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Please provide your state as TIN No. (Sales Tax) depends on state wise rules. We are dealing only in sales tax of Telangana.
Shyam Sunder Modani
CA, Hyderabad
1343 Answers
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The selection of the entity like individual , firm or company all depend upon your long term business planing and related matter . There is no any statuatory compulsion in this regard . If you want covert the existing partnership firm into individual firm , you can go for the dissulution of the partnership firm and after dissulation if mutually agreed with the partners you cn carry on the existing business . 
Prakash Sinha
CA, Delhi
112 Answers
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There is no specific benefit in TIN according to constitution of the firm whether it is a Partnership firm or Proprietership firm.

However, if you are running a retail business, you can go for the compounding scheme of payment of taxes @ 0.5% on your turnover, provided the turnover does not exceed Rs. 50 Lakhs. In your case, if your turnover is above 50 Lakhs and less than a crore, you still claim the benefit of payment of taxes under compounding scheme by splitting the turnover with 2 firms so that turnover in each of the firms does not exceed Rs. 50 lakhs.

Other than the above, i donot see any other benefit according to the constitution of the firm for VAT purposes.
B S Sridhar
CA, Chennai
43 Answers
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In case of a proprietorship firm only single TIN is required irrespective of the number of various prop. firms. No specific benefits are applicable for TIN no in company firm vs individual.
Rajesh Kabra
CA, Thane
9 Answers
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