01 October 2016
An assessee named Mr. A is a proprietor of two businesses namely M/s A Services & Co. & M/s A Marketing & Co. with turnover Rs 1.2 Cr & Rs 24 lakh respectively.
Will the accounts have to be merged for the purpose of Tax Audit or tax audit will only apply to the business with turnover of more than one crore.
Also, shall the accounts of both businesses be required to be merged for ITR IV purpose ?
How shall Tax Audit & ITR be in line with each other.
02 October 2016
But my point is suppose one business is Electronics business with GP of 10% and the other is petrolpump with GP of 1-2%. How to report GP Ratio ?
Also addressess of Both Businesses are different. Which address to give ?
I initially thought of giving both Balance Sheets & P/L in tax audit attachement and reporting for business with higher turnover. Is this correct ?
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