Audit applicability
This query is : Resolved
CA Kalpesh Patel
(Querist)
27 June 2014
if an individual having 2 independent proprietory business and the turnover of one business is 52.00 lakhs and another is 49.00 lakhs and if,
1) he declare profit in both business more than 8% is audit applicable.?
2)he declare profit under 8% in both the business than audit is applicable..?
3) he declare profit in one business above 8% and in another below 8% than what will be the circumstances for audit..?
as of now the audit report is to be uploaded online so if.
1) auditor is one how can he upload audit report ..Combine business or separately upload..
2) if auditor for both the business are different than how they deal with that..?
thaks for ur time...
Nikhil Kaushik
(Expert)
28 June 2014
in all the cases the audit shall apply...the turnover is to be looked at cumulatively...under proprietor business, you dont treat different businesses by same person separately.
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