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
Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=912496
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
