tax audit
This query is : Resolved
15 July 2010
Mr A is a sub broker of sharekhan. his turnover is rs. 70 lakhs.
now he starts another business of manufacturing of plastic bottles and his turnover is rs. 20 lakhs.
will his second business also be covered under tax audit?
now he starts another business of manufacturing of plastic bottles and his turnover is rs. 20 lakhs.
will his second business also be covered under tax audit?
15 July 2010
yes, turnover is calculated by assessee wise not business wise, for that reason secound business is also in the preview of tax audit.
15 July 2010
Agreed with Ravindra. If mr A is doing Broking Business individually or in his own name or in a firm of which he is a sole proprietor, than second business willbe within the purview of Tax Audit but if he is doing broking business in partnership firm or in a company of which he is a direcor, in that case second business will be out of purview of Tax Audit
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