Tax Audit of a propreitorship firm
This query is : Resolved
20 February 2009
Hi all
I wat to know whether a Propreitoship Firm is required to have tax audit i the name of the firm or in the name of the Sole Proprietor?
And if it is optional then what are the implications if the firm is auditted in the name of the sole proprieter in his return.
I wat to know whether a Propreitoship Firm is required to have tax audit i the name of the firm or in the name of the Sole Proprietor?
And if it is optional then what are the implications if the firm is auditted in the name of the sole proprieter in his return.
20 February 2009
Tax audit report should be in the name of the firm if turnover exceeds rs.40lakhs in case of business and rs.10lakhs in case of profession.
Tax audit report should be in the name of the individual if his total income from all sources exceeeds the above limit eventhough business turnvoer is less than the prescribed limit.
Tax audit report should be in the name of the individual if his total income from all sources exceeeds the above limit eventhough business turnvoer is less than the prescribed limit.
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21 February 2009
What if a person has two Sole Proprietorship firms(professional) and turnover of one exceeds Rs.10 Lacs and that of another is below Rs. 10 Lacs?
Please let me know as to how the audit of the Sole Propreitor and and his two profeaaional firms will be made.
And whether a combined ITR and audit report will be filed for the Sole Propreitor and his two firms?
Please let me know as to how the audit of the Sole Propreitor and and his two profeaaional firms will be made.
And whether a combined ITR and audit report will be filed for the Sole Propreitor and his two firms?
21 February 2009
For the one which exceeded Rs.10 Lakhs, you have to conduct tax audit and other is not necessary.
Combined ITR has to be filed for the individual. In profession for one which exceeded 10 Lakhs you have to give tax audit details and for the other just attach the profit and loss account and balance sheet details
Combined ITR has to be filed for the individual. In profession for one which exceeded 10 Lakhs you have to give tax audit details and for the other just attach the profit and loss account and balance sheet details
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