requirement of audit
This query is : Resolved
VIVEK KARMANI
(Querist)
28 August 2010
if a proprietor has 3 concerns & has a turnover of rs. 30 lacs each..wheter all the concerns should be audited or not???in assessment year 2010-2011 & 2011-2012????
plz inform as early as possible....
plz inform as early as possible....
Aditya Maheshwari
(Expert)
28 August 2010
Yes and yes for both years.
PANKAJ KHURANA
(Expert)
28 August 2010
Where the assessee carries on more than one business activity, the result of all business activity should be clubbed together, in other words, the aggregate sales, turnover and/or gross receipts of all businesses carried on by an assessee would be taken into consideration in determining whether the limit has been exceeded or not. however where the business is covered by section 44B or 44BBA turnover of such business shall be excluded. similarly where the business is covered by section 44AD,44AE or 44AF and the assessee opts to be assessed under the respective sections on presumptive basis, the turnover thereof shall be excluded
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CA Ravi Sisodia
(Expert)
28 August 2010
Agree with Experts, Turnover count is assesse wise not business wise.
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