11 January 2013
if an assesee has more than one business whether the limit of rs 60 lacks should be applied business wise and not by aggregating the turnover of all the business of the assesse?
11 January 2013
Dear Nitin, the limit of 60 lakhs for determining the applicability of Sec 44AB audit is to be reckoned assessee wise. that means, if a person has more than one business carried out under differnt names, the turnover of all the business should be aggregated for reckoning the turnover limit. however, if the status of the business are different, for eg. one is carried out as proprietary business and other under a partnership firm, such aggregation cannot be done. it is because, partnership firm is a separate person and hence separate assessee under the IT act
11 January 2013
sir joyal,but if a assessee has 3 firm .. one has a turn over of rs 45laks other with 50 lacs and the third one with 65 lacs so all three firms will b audited or the third one .. from my side i think the firm with 65 laks should be audited and the other two can b finalised under sec 44ad..
CAclubindia
