Hi,
I have a clint who has two difference proprietorship firm & turnover more than 40 lakhs, how to his itr filling? suggest me with example
thanks
2 Replies
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 01 April 2011
This limit is 60 Lakhs now and if the turnover exceeds Rs. 60 lakhs he needs to get his books of accounts audited u/s 44AB.
Ramandeep singh
(CA-final,M.com (Final))
(59 Points)
Replied 01 April 2011
Dear Mithun, Now the limit of tax audit in A.Y 2011-12 is 60 lacks but the turnover is less then 60 lacks. there is option for bussiness men that if he shows 5% net profit of its turnover then he is not required for audit, if he shows the profit less than 5% then he has an requirement of audit. if requirement of audit arises then the due date of filing itr is 30 Sept. if not then due date is 31 july, in a proprietary if the income is not taxable then he can file his return upto 31 Mar. 2012
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