Tax Audit u/s 44AB of I.T.Act
This query is : Resolved
05 August 2010
An Individual Proprietorship concern covered under tax audit during year 2009-10 engaged in Electrcal contract works.
Also the proprietor is a director of a Private Limited Company in which he is having Shares of Rs.1300000/- & getting Remuneration of Rs.700000/- from this company. Further business transactions are also made during the year under audit & showing of Rs.3572152/- as Debtor in B/S of Concern from the said company.
What's disclouseres to be made in audit report from audit point of view as well as tax point of view.
Also the proprietor is a director of a Private Limited Company in which he is having Shares of Rs.1300000/- & getting Remuneration of Rs.700000/- from this company. Further business transactions are also made during the year under audit & showing of Rs.3572152/- as Debtor in B/S of Concern from the said company.
What's disclouseres to be made in audit report from audit point of view as well as tax point of view.
05 August 2010
No disclosure of shareholding and salary is required in the audit report of Proprietorship concern only requirement is disclosure u/s 40A(2)(b)
07 August 2010
Agreed.
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