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Tax audit

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Querist : Anonymous

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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?
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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.
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CA Chitta Ranjan Das

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CA Chitta Ranjan Das (Expert)
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.

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