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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)
Quick Summary
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
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