Seperate audit or consolidate audit

This query is : Resolved

Sandeep Agarwal (Querist)
Follow

18 September 2012 Mr.A is prop. of Business B at Delhi with Gross turnover of Rs. 40,00,000/- and Mr. A is also Prop. of Business C at Chandigarh with Gross turnover of Rs. 80,00,000/- for F.Y. 2011-12. now my querries are as under:-

1) if NP rate of business B at Delhi is below 8% than whether a consolidated P&L and Balance Sheet would be made for two businesses and would be got audited or separate audit of both the P&L and B/s. would be preferable.

2) If NP rate of business B at Delhi is 8% or above than whether the turnover for audit purposes of A would be treated only 80,00,000/- of business C and if only audit of business C will be sufficient or audit of both the businesse with total turnover of Rs. 1,20,00,000/-would be made.

3) If the turnover of business C is also 40,00,000/- and NP rate of both the businessses is 8% or above than whether or not audit is must.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 September 2012 01. Income tax audit is done as per the ENTITY (Definition of person) In your case it is the "individual" who is being income tax audited. So the turnover of both the proprietory businesses shall be considered to decide the LIMIT of turnover. Based on this principle you can now redraft your queries.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Shailesh Prajapati

Adesh Mahajan

Angadi & Co

Jaipal Singh

Subscribe Now

Seperate audit or consolidate audit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Article Assistant

Manager- Finance and Compliance

Accountant

GST CONSULTANCY