AUDIT OF 2 BUSINESS

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This query is : Resolved

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This discussion addresses the challenge of filing separate tax audit reports for two distinct businesses operating under a single PAN: one for goods trading and another for share trading (speculation). The consensus suggests combining the profit and loss statements and balance sheets of both businesses to file a single, revised tax audit report. This approach aligns with the requirement of filing a single Income Tax Return (ITR) that consolidates all business activities.

JYOTI GOEL

JYOTI GOEL (Querist)
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09 January 2022 SIR,
THE ASSESSEE HAS 2 BUSINESS. ONE IS TRADING IN GOODS(TURNOVER 12 CRORE) AND OTHER IS TRADING IN SHARES(TURNOVER 6 CRORE SPECULATION BUSINESS) . BOTH BUSINESS ARE SUBJECT TO AUDIT AND ARE DIFFERENT. MY QUERY IS HOW TO FILE AUDIT REPORT OF 2 BUSINESS DIFFERENLY. ONE BUSINESS AUDIT REPORT IS FILED AND ACCEPTED. WHEN I AM FILING 2ND REPORT, THE PORTAL TELL TO ADD CA. WHEN ADDING CA IT TELL CHANGE THE FILING SECTION I.E.REVISED AUDIT REPORT. BUT FOR SECOND BUSINESS IT IS ORIGINAL REPORT AND NOT REVISED REPORT. ONE OF MY FRIEND TELL ME TO ADD TUROVER OF BOTH BUSINESS AND FILE AUDIT REPORT. BUT HOW TO COMBINE THE TWO BUSINESS DETAILS AS BOTH ARE DIFFERENT , ONE IS NORMAL BUSINESS AND OTHER IS SPECULATION OF SHARES. WHAT TO DO IN THIS CASE ? WHAT IS RIGHT IN THIS SITUATION? PLEASE SUGGEST

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 January 2022 Add p and l and balance sheet of both the business and file tax audit report.
Now file Revised tax audit report on both the business.
Single PAN, Only one ITR can be filed combining all the business, so only one tax audit report can be submitted.

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JYOTI GOEL

JYOTI GOEL (Querist)
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09 January 2022 Thank you Sir for your prompt reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 January 2022 You are welcome.........

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