Audit U/s 44AB
This query is : Resolved
08 June 2011
Dear sir,
If assessee has three sole proprietorship business namely A, B & C. A has a Turnouver of Rs. 25,00,000/- b has a Turnover of Rs. 25,00,000/- and C has a Turnover of Rs. 15,00,000/-, than is he liable to get his account audited or not ?
If assessee has three sole proprietorship business namely A, B & C. A has a Turnouver of Rs. 25,00,000/- b has a Turnover of Rs. 25,00,000/- and C has a Turnover of Rs. 15,00,000/-, than is he liable to get his account audited or not ?
08 June 2011
Yes, he is liable to get the accounts audited u/s 44AB.
08 June 2011
All the three business's has to be tax audited u/s 44AB. ICAI advises to prepare one 3CB and one consolidated form 3CD if the audit is conducted by same Chartered Accountnat / firm of CA's.
08 June 2011
If the nature of business in all the three proprietorship is different and the books of account are maintained separately for each, tax audit u/s 44AB is not required as turnover in single business venture doesnot exceed 60 lakh. If the nature of business is identical or similar or combined books are maintained only then the yardstick of 60 lakh for combined turnover would be applicable.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ITR 4 and Bank transactions
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- HOUSING LOAN ISSUE
- Sec 44ada applicable only or both
- RELATED TO TRIBUNAL APPEAL
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
