Compulsory audit

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This query is : Resolved

Rohit (Querist)

20 August 2011 An assessee is carrying two business. The Turnover of first business does not exciding 60lacs, but The Turnover of second business exciding 60 lacs. Is the assessee liable for Audit U/s 44AB for the both businesses?

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)

20 August 2011 Dear Rohit, when one assessee is doing two type of businesses,each business is considered as separate unit for I.T.purpose.Hence, when one unit is having turnover of over Rs.60 lakhs, only that unit is subject to tax audit and other unit whose T.O.does not exceed Rs.60lakhs is not liable for Tax Audit.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

20 August 2011 If the status of the assessee is 'individual', both the accounts have to be audited under section 44AB of the Income tax Act,1961.

Rohit

Rohit (Querist)

20 August 2011 Is is applicable on Pan No. Basis or Business basis

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 August 2011 Assessee basis

CA Ravi Sisodia

CA Ravi Sisodia (Expert)

20 August 2011 Turnover count as Assessee Basis.
if assessee have two or more business then turnover of all business clubed/added and then see the limit of Rs.60 lakhs.

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