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
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
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
