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
Amol S Joglekar
(Expert)
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
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