Annual return or tax audit
This query is : Resolved
18 December 2012
Respected all
for a prop. firm which tornover is 1.5 crore is liable for annual return or tax audit.
and annula return(Form23) will be applicable only on company or on prop. firm.
for a prop. firm which tornover is 1.5 crore is liable for annual return or tax audit.
and annula return(Form23) will be applicable only on company or on prop. firm.
18 December 2012
For business whose turnover exceeds Rs60 lacs upto A.Y2012-13 and Rs. 1 crore from A.Y.2013-14 should be make tax audit u/s 44AB even though those are liable for annual return. Annual return is liable for companies only. However each assessee whose gross total income exceeds basic exemption limit should be file their return of income every year. But salary parsons has exemption to file income tax return by satisfying prescribed some conditions.
So your case has to be tax audit u/s44AB.
OM SAI SRI SAI JAI JAI SAI
So your case has to be tax audit u/s44AB.
OM SAI SRI SAI JAI JAI SAI
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