shivam (3354) (319 Points)
21 May 2011Hi Friends, I have a doubt about Tax Auidt. in case of properietory concern if the book of the firm are maintained separately from the properietory firm and the person is liable to audit u/s44AB then in case of reporting shall we report the personal Balance Sheet and that person has taken loan which requires reporting u/s 269ss then whether same should be reported if it is shown in his personal Account ?
Sandeep Keswani
(Tax Consultant)
(1064 Points)
Replied 21 May 2011
Audit u/s. 44AB is only in respect of the business. Hence only books of accounts of the business should be taken into account while preparing Audit Report (Form 3CD)
If loan is taken in his business account then only it should be included under Sec. 269SS / 269T
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