Liable to audit or not and filling of ITR- 4
This query is : Resolved
Vijay Kr. Mishra
(Querist)
01 July 2009
Business income of an assess is Rs.70,00,000 (Seventy Lakh) from his 2 businesses, from business XRs.36,00,000/- & business Y Rs.34,00,000/-. Is he liable to audit his books of accounts & how he will fill his 2 businesses Details in one Sheet of ITR- 4 in Part A- of Balance-sheet and Part B- of Profit & Loss ?
CA.Tarun Maheshwari
(Expert)
01 July 2009
If the assessee is individual and both the business are in proprietorship then he should be liable for tax audit. For ITR 4 better is to make a separate balance sheet of assessee himself (Other then the balance sheets of businesses) and file that data in the ITR-4.
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