Section 44 ab of income tax act 1961

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Goutam Jain (Querist)

18 September 2011 A Person has 2 Proprietory Concerns ( Business ). One has 70 Lakhs Turnover and other has 38 Lakhs Turnover. Which concern has to get Audit Under section 44 AB of Income Tax 1961. Whether Both concern are required to get audit under section 44 AB of Income Tax Act 1961. (Urgent)

Pragnesh

Pragnesh (Expert)

18 September 2011 Dear Member,

If the assesssee carries on business in different names and deals in different commodities, it will be necessary to get the accounts audited if the aggregate amount of sales/turnover of all the business exceed Rs.60 Lacs. In the given case the total turnover of the two businesses goes to above 60 Lacs. There fore it will be neccessary to get the accounts of all the two concerns belonging to this assessee audited. it may be noted that the emphasis is on the total turnover. There fore even if the assessee carries one or more businesses the sales of the all the business will be taken in to consideration.

Thanks

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