17 September 2009
UPTO SEPTEMBER THE PERSONIS SALARIED EMPLOYEE AND FROM SEPTEMBER ONWARDS HE STARTED HISOWN PRACTICE.AND HE IS ELIGIBLE FOR TAX AUDIT. SO, 1.SHOULD WE PREPARE THE BALANCE SHEET FROM 1ST APRIL ONWARDS OR FROM 1ST SEPT.WHEN HE STARTED HIS PRACTICE. 2.IN 3CD ANNEXURE II IS IT NECESSARY TO FILL UP THE PRECEEDING YEARS FIGURE AS TAX AUDIT IS APPLICABLE FROM THIS YEAR. REPLY
17 September 2009
1. Balancesheet should be prepared from 1st sept as the business income is required to be audited and not the salary income. 2. If the business is newly started it is not compulsory to give preceeding year figures.
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