Balance Sheet for Audit
This query is : Resolved
09 September 2022
Mr. X is having two proprietary business. Individual Turnovers of both the business are Business A Rs. 2085800/- and Business B Rs. 1,88,80,800/-
Can Mr. X claim the Income from Business A u/s 44AD and get books of Business B Audited to show less profit from Business B.
In such a case, while submitting the balance sheet along with Audit Report, is it sufficient if Balance Sheet of Business B is given or should we give Balance Sheet of the proprietor (All individual assets / liabilities)
Can Mr. X claim the Income from Business A u/s 44AD and get books of Business B Audited to show less profit from Business B.
In such a case, while submitting the balance sheet along with Audit Report, is it sufficient if Balance Sheet of Business B is given or should we give Balance Sheet of the proprietor (All individual assets / liabilities)
09 September 2022
No, that is not possible. Both business turnover has to be combined and tax audit applicable.
Only combined balance sheet for both business required.
Only combined balance sheet for both business required.
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