27 August 2009
how to file itr 4 for a person having two business & to whom tax audit is applicable. whose balance sheet is to be entered and whose tax audit is to be submitted.
27 August 2009
For a proprietor there would be one balance sheet as whole incorporating all his assets and liabilities used for both the businesses. Also you can prepare a combines profit & loss account
27 August 2009
But while filing the itr 4 for the person if i would file the consolidated balance sheet of both his firm, how would i file the detail of tax audit of both the firms, quantitative details and others.
28 August 2009
He is having both options. (1) To consolidate both business P & l and B/s and get audited the books (2) To get audited the separate books. But with return attach both tax audit.
However for applicability of sec 44AB, both business turnover would have to be clubbed. You just cant avoid Tax audit by opening two properitership firm
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