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
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
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.
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.
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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- RATE AND HSN CODE
- TDS AND ITR ISSUE
- GST Rate for Catering Services
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
