Hi fellow members
Can you please tell me if a sole properitor firm who is exporting web developement service out of india needs audting? The turnover of the firm is 30 lakhs.
Does profit is counted to decide if auditing is needed?
Thanks for helping me.
for a sole proprietorship audit is compulsory under section 44AB of Income tax Act only if turnover exceeds one crore or if the assessee declares an income less than 8 % of the turnover
Thanks for replying
This same rule applies to the service type sole properitor can you please confirm?
Thanks
CAclubindia
