Audit u/s44AB
This query is : Open
04 October 2009
if an assessee have two separate business say A & B both business's receipts dont cross 40lacs individually but aggregate crosses 40 lacs he is required to get audit report or not?
04 October 2009
Yes he is required to get audit report.
04 October 2009
Yes he is required to get the accounts audited
05 October 2009
What if busi. A's receipts more than 40 lacs but busi. B's recipts less than 40 lac?
then audit of both busi. is to be done or only of busi. A?
then audit of both busi. is to be done or only of busi. A?
06 October 2009
As per section 44AB if the trunover or receipts of the business exceeds the limits specified then it is required to get tax audit u/s 44AB.
Sec. 44AB clearly mentioned that the receipts or turnover, it does not mentioned that the cumulative receipts or turnover of such assessee.
In my opinion there is no need to get the accounts audited unless the turnover of such business exceeds limits prescribed.
Sec. 44AB clearly mentioned that the receipts or turnover, it does not mentioned that the cumulative receipts or turnover of such assessee.
In my opinion there is no need to get the accounts audited unless the turnover of such business exceeds limits prescribed.
06 October 2009
Exactly, but first we need to look into the status of the assessee. If in above case, Mr. X has, being proprietory business A and B. If business:
- A's gross turnover is less than 40 lakh,
- B's gross turnover is more than 40 lakh, or
- In both A & B turnover is less than 40 lakh seperately but more than 40 lakh consolidated
Then also in all above cases, tax audit is compulsory.
- A's gross turnover is less than 40 lakh,
- B's gross turnover is more than 40 lakh, or
- In both A & B turnover is less than 40 lakh seperately but more than 40 lakh consolidated
Then also in all above cases, tax audit is compulsory.
08 October 2009
if assessee is individual and his both busi. i.e. Busi. A & B gross turnover exceed 40 lacs in F.Y.
then while giving audit report
a consolidated audit report is given or separated audit report for each kind of business?
then while giving audit report
a consolidated audit report is given or separated audit report for each kind of business?
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