03 September 2009
as per section 44Ab of the income tax act if gross receipts/turnover exceeds RS 10L or 40L as the case may be of assessee than he is required to get his accounts audited by a chartered accountant.
03 September 2009
there are no specific law applicable to sole proprietorship concerns. But whenever we do audit in India, we are governed by generally accepted auditing standards (GAAS) in India which includes AAS and GN etc. Apart from this, a sole proprietorship, being a level-III concern as per erstwhile ICAI classification, the relevant accounting standards would also be applicable to them.
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