Rules for proprietorship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2011
Dear Sir,
Please tell me that is there any rules that if your firm's income[net profit] is less than 8% of your sales,than you have to audit your accounts by C.A.?And in case your firm had made loss,than also you have to audit youe books?If yes then from which year this rules are applicable?please help.
Please tell me that is there any rules that if your firm's income[net profit] is less than 8% of your sales,than you have to audit your accounts by C.A.?And in case your firm had made loss,than also you have to audit youe books?If yes then from which year this rules are applicable?please help.
CA Aditya Goel
(Expert)
09 August 2011
as per sec 44AD In case of individual and HUF (for business and not for professional)
they dont need to get accounts audited if they showing profit atleast 8% of gross turnover.
they need to get their acc audited u/s 44AB by CA if they claim less than 8%.
But if their net profit is less than the exemption limit then no need for audit.
as this sec applicable when taxable income is more than exemption limit.
they dont need to get accounts audited if they showing profit atleast 8% of gross turnover.
they need to get their acc audited u/s 44AB by CA if they claim less than 8%.
But if their net profit is less than the exemption limit then no need for audit.
as this sec applicable when taxable income is more than exemption limit.
CA PARAS BAFNA
(Expert)
11 August 2011
The rule is applicable from Assessement year 2011-12 or say in respect of the income of the financial year 2010-11.
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