limit
This query is : Open
13 September 2016
if a person has two business
and from one of the business has turnover exceeding rs 1 crore. and another business has less turnover. so if we want to conduct tax audit then for which business ????
and if both business have turnover less than Rs1 crore but their combine limit is exceeding then what we have to do???
and second thing is that both business have different nature of business...
plesase anyone can tell me
13 September 2016
Dear Arpit,
While filling Income tax return all business of a person get consolidated as u cannot make several balance sheet for one proprietor.
So while calculating tax audit limit all business will be taken into consideration.
Hope your query is resolved
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