assessess tax audit proprietary firm business income and other incomes .
question:
provision of it credit in books fully business income average tax rate as per slab .
t seems like you're asking about the tax audit of a proprietary firm and how the provision for income tax credit should be treated in the books, specifically concerning business income and other incomes. Let's break down the key components and address your question:
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Tax Audit for Proprietary Firm:
- In India, if the total sales, turnover, or gross receipts of a proprietary business exceed a specified limit, the proprietor is required to get the accounts audited under the Income Tax Act. The tax audit is typically conducted by a chartered accountant.
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Business Income and Other Incomes:
- Business income is the primary income generated from the regular operations of the business. Other incomes may include income from sources other than the core business activities, such as interest, rent, or capital gains
For further more detailed information on this topic visit:GST Expense Breakup in Tax Audit Report: A Comprehensive Guide
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- Business income is the primary income generated from the regular operations of the business. Other incomes may include income from sources other than the core business activities, such as interest, rent, or capital gains
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