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.
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