Tax audit
This query is : Resolved
23 August 2015
Hi Experts,
One Civil Contractor has two proprietorship Firms with different names. Both Firms have same type of civil construction contract with same company. One Firm has Turnover of Rs 8.89 Crore and other firm has 71 lacs. Please clarify:
1. whether Tax audit to be carried out for both firms or we can avoid Tax audit of Second firm whose turnover is Rs 71 Lacs by declaring profit @ 8%.
2. If we can avoid tax audit of second firm by declaring 8% profit, how same will be shown in ITR-4. Financials of first firm (Audit case) shall be shown in detailed and details of second firm (Non-Audit case) shall be shown under "Non Account Case". Is it correct???
Pl advise
One Civil Contractor has two proprietorship Firms with different names. Both Firms have same type of civil construction contract with same company. One Firm has Turnover of Rs 8.89 Crore and other firm has 71 lacs. Please clarify:
1. whether Tax audit to be carried out for both firms or we can avoid Tax audit of Second firm whose turnover is Rs 71 Lacs by declaring profit @ 8%.
2. If we can avoid tax audit of second firm by declaring 8% profit, how same will be shown in ITR-4. Financials of first firm (Audit case) shall be shown in detailed and details of second firm (Non-Audit case) shall be shown under "Non Account Case". Is it correct???
Pl advise
23 August 2015
Tax audit is PER person. The person is INDIVIDUAL. So? His ALL the businesses are tax audited..in your case 2 businesses
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- BIS Certificates
- Last year TDS Claim
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
