TAX AUDIT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2010 dear sir..
i have 2 business in which i m proprioter..turnover of the 1st business is 20 lack and other is 20 lack..whether i m liable for audit...U/s 44AB..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 September 2010 Turnover has not exceeded Rs.40/- lakhs(rs.20 lakhs + rs 20 lakha), even when the two businesses are combained,and hence tax audit as per section 44AB will not apply.

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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10 September 2010 In case of Propriotership, Turnover will be combined . In your case turnover has not exceed Rs.40 after combing, hence tax audit will not apply for that year.

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