Clarification
This query is : Resolved
21 November 2014
sir, if sole trader has done audit once,is it necessary to do books of accounts every year? and the sole trader has done audit in the last year and this year sole trader converted into partnership firm is it necessary to do audit this year also?if so what is the turnover limit
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Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=912496
Amol S Joglekar
(Expert)
21 November 2014
The income tax audit is based on the turnover. The sole proprietor is under audit if it exceeds the turnover limit. The same holds good for the partnership firm as well
Rupesh Jain
(Expert)
22 November 2014
IF YOUR TUROVER WAS OVER 100 LACS IN LAST YEAR. THEN YOU HAVE TO DEDCUT THE TAX IN CURRENT YEAR.
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