Audit of business.
This query is : Resolved
Sanjay Jain
(Querist)
16 September 2009
An individual carrying on business in 2 different name. The Turnover of both business is less than 40 lakhs but in aggregate the turnover exceeds 40 lakhs. Whether the individual is required to go for audit of both the business?
C.A.Harish Singh
(Expert)
16 September 2009
Yes,if aggregate turnover exceeds 40 lakhs Of both business then individual required to audit his books of account. However if any of two business fall u/s 44AD,44AE, 44AF and after deducting turnover of that bussiness Turnover not exceeds 40 Laks then he would not requried tax audit.
CA Gangadhar Mishra
(Expert)
16 September 2009
agree
Sanjay Jain
(Querist)
17 September 2009
Thank you sir
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