Audit of Accounts

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Devendra (Querist)
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13 January 2011 Mr. X is having 3 Proprietary Businesses. Business A is having turnover20 Lacs, Business B is having Gross Receipts20 Lacs and Business C is having turnover25 Lacs. Whether Tax Audit is applicable to Mr. X?

Regards,
Devendra Kulkarni

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 January 2011 Yes, being proprietory business, turnover of all such businesses may be summed up to determine the limit of section 44AB.

CA B.S.Sridhar

CA B.S.Sridhar (Expert)
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14 January 2011 Yes. It will be under the purview of tax audit. The tax audit limit has to be calculated in respect of assessee and not in respect of business.

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