Tax audit

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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 ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

12 December 2014 you need to check the consolidated turnover and not only 1 business if there is common mamagement or person

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

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.

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)

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.

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