Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2014
If a person has two business one retailing and another stock Broking in two different state, the retail business has been audited by CA in that state and stock broking business has (whichever had loss in previous year) not been audited,
my question are :
1. Is this necessary to audit stock broking business too, whereas is in loss ?
2. If CA already made audit report on retail business, can another CA audit again for both business ?
3. what is penalty arises on 2 month late audit filing after due date ?
my question are :
1. Is this necessary to audit stock broking business too, whereas is in loss ?
2. If CA already made audit report on retail business, can another CA audit again for both business ?
3. what is penalty arises on 2 month late audit filing after due date ?
12 December 2014
you need to check the consolidated turnover and not only 1 business if there is common mamagement or person
13 December 2014
1. Stock broking business is to be audited u/s 44AB, since the retail business is covered under that section.
2. Another CA need not audit both business. Broking business need to be audited by another/same CA.
3. Penalty u/s 271B attracts which is 1/2% of the combined turnover or Rs. 1,50,000 whichever is less.
2. Another CA need not audit both business. Broking business need to be audited by another/same CA.
3. Penalty u/s 271B attracts which is 1/2% of the combined turnover or Rs. 1,50,000 whichever is less.
Message likes :
1 times
15 December 2014
you have to take the audit of both business from one CA. you have to pay penalty 271B 1/2%of the sales or Rs. 150000/- which ever is less.
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
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- NRI starting business in India
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Filling ITR - U
- Form 140 tds
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
