Tax Audit -2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
Hi
Respected Member
Can any one tell me ?
1. if a person carrying on two separate nature of business, then how gross sales limit shall be calculated for tax audit.
Whether agreegate or each business.
My C.a. said that it shall be calculated agreegate but i read guidance note on tax audit, in that it is written that limit of gross sales i.e. 40 lakhs shall be calculated individully for each business.
Please Guide
Thanks
in advance
Respected Member
Can any one tell me ?
1. if a person carrying on two separate nature of business, then how gross sales limit shall be calculated for tax audit.
Whether agreegate or each business.
My C.a. said that it shall be calculated agreegate but i read guidance note on tax audit, in that it is written that limit of gross sales i.e. 40 lakhs shall be calculated individully for each business.
Please Guide
Thanks
in advance
05 July 2010
though the business are separate nature and distinct then the sec 44AB will apply to the assessee if the total business sales of the person touches rs.40 lakhs as per sec.44AB. the proprietor will have only one taxaudit report in which the total business income will be considered.
CA Ravi Sisodia
(Expert)
05 July 2010
Turnover is calculated Assessee wise not business wise.
Akhil Agrawal
(Expert)
06 July 2010
I Agree with Mr Sisodia. If An assesee has 2 business say with T.O of Rs. 30L & 20L then he has to get audit done for both.
CA Ravi Sisodia
(Expert)
06 July 2010
Right Akhil ji.
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