Applicabilty of Tax Audit on Second Retail Business
This query is : Resolved
27 September 2009
A proprietor of Ladies Dress material has Two Retail Shops in the same area with Two differnt Shop names and Two different VAT Nos.Both the shops are dealing in same type of products.One shop is crossing the T.O. of Rs.40Lakhs and another is below 40laks(showing more than 5% N.P)
my query is, whether the books of second retail shop-which otherwise is covered under the provisions of presumptive tax-are also required to be audited U/S.44AB? or can it be covered under 44AF(4)
Can ITO take a stand that to avoid the provisions of 44AB becoming applicable to the second retail shop the assessee has preferred to split the same business in two units ?
my query is, whether the books of second retail shop-which otherwise is covered under the provisions of presumptive tax-are also required to be audited U/S.44AB? or can it be covered under 44AF(4)
Can ITO take a stand that to avoid the provisions of 44AB becoming applicable to the second retail shop the assessee has preferred to split the same business in two units ?
CA. B.SRINIVASULU
(Expert)
27 September 2009
Second business are also subject to tax audit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
