2 business of proprietor
This query is : Open
YashPorwal
(Querist)
30 August 2016
Can we consolidate the balance sheet of two business in 3CD? Only one concern t/o exceeds One crore . Provide valuable suggestions regarding the same
ACA Anurag
(Expert)
30 August 2016
Dear Yash,
If the proprietor is same then u can club the business as one but if limit get increased u would be liable to tax audit and also your tax amount would be increased.
So in my view keep as separate business and file the return Indivally.
Hope your query is resolved
Kindly like if my response has helped you
CA R SEETHARAMAN
(Expert)
30 August 2016
All business of proprietor has to be consolidated and reported in form 3CD. Tax audit applicable if consolidated turnover exceeds limit.
Mr Anurag only one return can be filed for proprietor, even if he has umpteen number of business.
Mr Anurag only one return can be filed for proprietor, even if he has umpteen number of business.
Message likes :
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ACA Anurag
(Expert)
30 August 2016
Dear Seetharaman,
Agreed my mistake as i forget that point.
thanks for making me remember.
Dear Yash,
U have to consolidate the entire business.
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