Menu
Is it mandatory to convert sole proprietorship
is it mandatory to convert sole proprietorship to company or LLP if sole proprietorship cross the turnover and profit about 100s of crore ?
Replies (4)
No. Only tax audit u/s. 44AB is mandatory.
Ltd companies enjoy corporate tax benefits, where taxes are levied on profits at lower rate. On the other hand, a proprietorship not being a corporate entity cannot take advantage of the corporate taxation structure’s exemptions and benefits. That is one of the main reason for conversion.
@ Arthav ,
There is no such requirement
There is no such requirement
Follow OPC.
What is the relevance of OPC in this query
Recent Threads
- Can claim Itc
- Transfer of mutual funds to son as gift
- First Time ITR with 5000 penalty
- Loss due to non tradeable stocks
- What's CGAS?
- Income tax status
- Demand raised for 'Self assessment tax' amount AY2
- TDS payment using Form 26QB when buying property o
- Export sales not realised payment not received fro
- RCM related queries
Related Threads
CAclubindia
