proprietorship business
This query is : Resolved
24 June 2010
MY CLIENT HAS A PROPRIETORSHIP BUSINESS,HIS TURNOVER IS 64LACS.NET PROFIT IS 2.10 LACS.HE PAY 25K PREMIUM IN AGGREGATE IN HIS WIFE AND CHILDREN NAME IN LIC.HE HAS SHOWN THESE EXPENDITURE IN HIS BOOKS AS DRAWING.WHAT TYPE OF AUDIT HIS BUSINESS NEEDS TO BE DONE.ONLY TAX AUDIT WILL BE SUFICIENT OR NEED STAT AUDIT ALSO.HOW CAN HE CLAIM DEDUCTION FOR HIS PREMIUM EXPENSE.
24 June 2010
For proprietorship only TAx audit necessary as turnover exceeds Rs. 40 lakhs.
Also check if VAT is being payable on sales then VAT audit also compulsory.
Also check if VAT is being payable on sales then VAT audit also compulsory.
24 June 2010
SIR,VAT IS PAYABLE .HE HAS NO OTHER SOURCE OF INCOME.IS HE HAS TO FILE HIS PERSONAL RETURN ALSO.HOW CAN HE CLAIM DEDUCTION FOR PREMIUM PAID FOR HIS WIFE'S POLICY?
24 June 2010
SIR,VAT IS PAYABLE .HE HAS NO OTHER SOURCE OF INCOME.IS HE HAS TO FILE HIS PERSONAL RETURN ALSO.HOW CAN HE CLAIM DEDUCTION FOR PREMIUM PAID FOR HIS WIFE'S POLICY?
24 June 2010
If VAT payable then VAT Audit liable.
He can claim deduction of premium paid on wifes policy. However debit it to LIC in his personal books.
He can claim deduction of premium paid on wifes policy. However debit it to LIC in his personal books.
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