tax audit


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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2011 res. sir/madam pls reply me
turnover of two firm ,having same proprietor,

is 55 lac & 50 lac profit is 12% in both firm is tax audit applicable for the proprietor

24 June 2011 yes. as total turnover is above 60 lacs

24 June 2011 Being proprietory, both the firms has to be audited u/s 44AB ,irrespective of the profit percentage,since combained turnover exceeded the threshold limit of Rs. 60/- lacs per annum.

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2011 thank u sir, i got satisfied reply


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