Hello, I would like to know does it required tax audit for sole proprietorship business having turnover more then 4 cr. and turnover mean in income tax both sale purchase or only one side. and what is the last date if tax audit is required.
Abhishek (NIL) (159 Points)
20 October 2020Hello, I would like to know does it required tax audit for sole proprietorship business having turnover more then 4 cr. and turnover mean in income tax both sale purchase or only one side. and what is the last date if tax audit is required.
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 20 October 2020
Abhishek
(NIL)
(159 Points)
Replied 22 October 2020
Hello, Thanks for answering. I am bit confused in onething that sale amount is coming above 5cr and profit is around 1.2lk only as its only commission in between only and the nature of business is bullion trading. So what shall I do now as the the balance sheet will be merged with proprietor balance sheet. and the business is under HUF name and pan. Therefore Kindly guide what to do in this.
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