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 ?
27 September 2009
Second business are also subject to tax audit.
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