Audit if one has more than one buisness
This query is : Resolved
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
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..
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..
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
