Tax Audit applicability
This query is : Resolved
30 September 2008
In case of proprietorship which has been converted into partnership on 01/01/2008 and sales upto 31/12/2007 are 32.40 lacs. tell me about the applicability of Tax Audit. the prop. is also partner in the new firm. the firms sales are 8 lacs for 3 months. Please advice me in this regard from the point of view of prop. & partnership.
30 September 2008
As the assessee status is different, the proprietorship business will not attract section 44AB.
30 September 2008
no tax audit is applicable on individual becz both are the different assessees.
30 September 2008
as the sales below 40 lacs of proprietor ship firm ,so no tax audit required
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