applicability of audit
This query is : Resolved
07 April 2009
My client has two business in different name under proprietorship concern. Turnover of both firm is Rs. 20.50 and 20.25 lacs respectively. Whether audit is applicable on both firm?. In case one firm turnover Rs. 41.00 and second firm turnover Rs. 21.00 then whether both firms are liable for audit or only only one firm which turnover above 40.00 lacs is liable for audit under income tax act
07 April 2009
One firm where turnover is more than 40lakhs will come under the purview of tax audit. Other firm need not be tax audited.
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