Hello, I would like to know does it required tax audit for sole proprietorship business having turnover more then 4 cr. and turnover mean in income tax both sale purchase or only one side. and what is the last date if tax audit is required.
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Tax Audit for sole proprietorship
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Quick Summary
Turnover includes receipt or sales at credit side of p&l or trading account, if it is upto 2 cr and profit is 6% or 8% or more than that then no audit, in case turnover is between 2 cr to 5 cr and receipt in cash is less than 5% of total receipt and payment in cash is less than 5% of total payment then no tax audit whatever is the profit %, turnover is in excess of 5% then mandatory tax audit
Hello, Thanks for answering. I am bit confused in onething that sale amount is coming above 5cr and profit is around 1.2lk only as its only commission in between only and the nature of business is bullion trading. So what shall I do now as the the balance sheet will be merged with proprietor balance sheet. and the business is under HUF name and pan. Therefore Kindly guide what to do in this.
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