Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2013
one of my client firm is working as a proprietorship for 6 months and later it is working as partnership firm.
in first half turnover is about 60 lacs and in later 6 months turnover is 75 lacs.
the name of firm is exactly remains same, afterwords also.
can tax audit applicable to them.
in first half turnover is about 60 lacs and in later 6 months turnover is 75 lacs.
the name of firm is exactly remains same, afterwords also.
can tax audit applicable to them.
15 August 2013
No,
your client will not liable to audit as his individual turnover is 60 lk and his partnership firm's turnover is is 75 lk.
it is to inform you that under income tax act both will consider as separate assessee.
so the turnover limit will consider separately for individual and partnership.
if you shown profit lower than 8 % then u have to audit your client's books of account
your client will not liable to audit as his individual turnover is 60 lk and his partnership firm's turnover is is 75 lk.
it is to inform you that under income tax act both will consider as separate assessee.
so the turnover limit will consider separately for individual and partnership.
if you shown profit lower than 8 % then u have to audit your client's books of account
15 August 2013
Yes, agreed with the above expert.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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