Tasation of proprietorship firm.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 Dear Sir/Madam,

I am working in a proprietorship firm as an accountant. our annual turnover of Rs.70 Lac. please help me on below queries.
1)Turnover limit for tax audit - 70 Lac OR 1 Cr ?
2)8% Tax on which amount ?
3)Last date of return filling ?
4)can we take the salary benefit / exemption of HRA, Rent, Transport Allowance & 80c-80d of proprietor ?

kindly give me other legal information which will useful for me.

Thanks in Advance.

Raj

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 February 2013 the limit for tax audit is dependent on the activity of the firm - is it a professional firm or doing some business?

if it is a professional firm - the limit is Rs 15,00,000

if it is a business - the limit is Rs 1 Cr

8% taxation is allowed if and only if your firm has a business which can be covered under the definition of eligible business under 44AD

if you are subjected to tax audit, the date shall be 30 September

if you are in receipt of salary you can claim the benefits mentioned provided the same is covered in your salary structure.

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