Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tax audit

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2012 Dear All
My client has two proprietorship concerns in which he made sales turnover of Rs. 45 lacks and 53 lacks in the f.y. 2011-12. please tell me weather tax audit will be applicable or not?

Guest

Guest (Expert)

01 July 2012 Sec 44AB of Tax Audit applies person wise and not business wise.

The turnover of two businesses will be aggregated and tax audit will be applicable.

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)
Follow

02 July 2012 As per the revised Act, for both the entities stated above, tax audit is not compulsory. The limit for tax audit has been enhanced to Rs.60 lakhs of turnover. However, as both the business belongs to the same person, the T.O. will be aggreegated to find out the taxable income for tax and threfore, Tax audit is applicable to both of them.

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

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!