Proprietorship concern is auditable or not
This query is : Resolved
27 July 2011
I have five firms which are under my proprietorship. Out of five, three are eligible for audit because sale exceeds audit limit and the remaining two are below audit limit figure. Whether I would have to get all the firms audited or only three firms audited for income tax return filing.
27 July 2011
You have to get all the firms audited. But in case of the firms having turnover less than 60 lakhs, you can go for 44AD by showing income @ 8% on the turnover.
27 July 2011
My view is different, Limits u/s 44AB and 44AD are given person wise and not business wise.
So in case a person is having 5 business his limit of 5 business will be aggregated for the purpose of 44AB. If the same is above 60 lakhs then he has to get all his business audited.
So in case a person is having 5 business his limit of 5 business will be aggregated for the purpose of 44AB. If the same is above 60 lakhs then he has to get all his business audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- Copyright software
- Multiple trade mark
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY....../
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
