Tax audit
This query is : Resolved
31 August 2012
Mr. A is the proprieter of two firms, ABC & XYZ
Turnovr of ABC is 40lakhs n turnovr of XYZ is 50lakhs of the financial year 2011-12.
Would A is liable for the tax audit for both the firms..??
Plz reply...
Turnovr of ABC is 40lakhs n turnovr of XYZ is 50lakhs of the financial year 2011-12.
Would A is liable for the tax audit for both the firms..??
Plz reply...
CA SANDESH MAHIPAL
(Expert)
01 September 2012
Yes, A would be liable for the tax audit of both the businesses because limit of 40 lakh applies on the assessee ie. Mr.A
SANYAM ARORA
(Expert)
01 September 2012
Yes he would be liable for both the firms
01 September 2012
For financial year 2011-12, threshold limit is Rs. 60 lakhs. The requirement of tax audit is to be determined taking into consideration the turnover of all the businesses carried on by the individual assessee ,meaning thereby in the given scenario ,tax audit is clearly applicable.
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