Is it mandatory to convert sole proprietorship
Atharv Sankliya (1323 Points)
21 October 2022Atharv Sankliya (1323 Points)
21 October 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166686 Points)
Replied 21 October 2022
No. Only tax audit u/s. 44AB is mandatory.
Ltd companies enjoy corporate tax benefits, where taxes are levied on profits at lower rate. On the other hand, a proprietorship not being a corporate entity cannot take advantage of the corporate taxation structure’s exemptions and benefits. That is one of the main reason for conversion.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 21 October 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 26 October 2022
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