about audit u/s 44AB
This query is : Resolved
25 September 2010
I AM A CA.DOING PRACTISE OF I.TAX.
ONE OF MY ASSESSEE (PARTNERSHIP FIRM) HAS STARTED ANOTHER BUSINESS IN THE P.Y.09-10 WITH OTHER NAME BUT HAVING SAME PARTNERS AND SAME PROFIT SHARING RATIO. BUSINESS IS NOT OF SAME KIND.
NOW THE ORIGINAL FIRM IS NOT IN THE AMBIT OF TAX AUDIT BUT THE LATER ONE IS.
SHOULD I AUDIT FIRM OR ONLY LATER FIRM ?????
SHOULD I PREPARE AUDIT REPORT WITH BOTH FIRM'S DATA ???? IN OTHER WORDS WHETHER TWO FIRMS HAVING SAME PARTNERS AND HAVING SAME PROFIT SHARING RATIO (BOTH HAVING DIFFERENT KIND OF BUSINESS),INCOME OF THE BOTH THE FIRMS SHOULD BE CLUBBED OR NOT ??
ONE OF MY ASSESSEE (PARTNERSHIP FIRM) HAS STARTED ANOTHER BUSINESS IN THE P.Y.09-10 WITH OTHER NAME BUT HAVING SAME PARTNERS AND SAME PROFIT SHARING RATIO. BUSINESS IS NOT OF SAME KIND.
NOW THE ORIGINAL FIRM IS NOT IN THE AMBIT OF TAX AUDIT BUT THE LATER ONE IS.
SHOULD I AUDIT FIRM OR ONLY LATER FIRM ?????
SHOULD I PREPARE AUDIT REPORT WITH BOTH FIRM'S DATA ???? IN OTHER WORDS WHETHER TWO FIRMS HAVING SAME PARTNERS AND HAVING SAME PROFIT SHARING RATIO (BOTH HAVING DIFFERENT KIND OF BUSINESS),INCOME OF THE BOTH THE FIRMS SHOULD BE CLUBBED OR NOT ??
CA Navin Jain
(Expert)
25 September 2010
INCOME OF BOTH FIRM SHALL NOT BE CLUBBED BOTH FIRM ARE SEPARATE ENTITY AND ALSO HAVING SEPARATE PAN NO.
YOU SHOULD AUDIT ONLY LATER FIRM
YOU SHOULD AUDIT ONLY LATER FIRM
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CA Ravi Sisodia
(Expert)
25 September 2010
for the purpose of tax audit, turnover calculation according to assessee wise not business wise.
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