Tax audit applicable or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2013
Assessee A died on 30.09.2012 and from 01.10.2012 his son B took over his father business.
Turnover 01.4.12-30.09.12 = 99.94 lakhs
Turnover 01.10.12-31.03.13 = 77.00 Lakhs
Q1. What will be the tax treatment in this case? Taxable as two assessee or only one i.e son "B"
Q2. Is tax audit applicable in this case. As turnover of both the assessee is less than 1 crore.
Turnover 01.4.12-30.09.12 = 99.94 lakhs
Turnover 01.10.12-31.03.13 = 77.00 Lakhs
Q1. What will be the tax treatment in this case? Taxable as two assessee or only one i.e son "B"
Q2. Is tax audit applicable in this case. As turnover of both the assessee is less than 1 crore.
Dintakurthi Tirumala
(Expert)
25 September 2013
1) taxable as two assessee. Upto 30-9-2012 tax liability in the hands of Father(however not father died so as a legal representative son has to pay taxes and file return etc..)
From 1-10-2012 tax liability in the hands of Son as HUF status because of the business is brought forwarded from the father.
2) Tax audit u/s 44AB is not compulsory because of turnover is in two different hands and each individual turnover doesn't exceeded the tax audit turnover.
OM SAI SRI SAI JAI JAI SAI
From 1-10-2012 tax liability in the hands of Son as HUF status because of the business is brought forwarded from the father.
2) Tax audit u/s 44AB is not compulsory because of turnover is in two different hands and each individual turnover doesn't exceeded the tax audit turnover.
OM SAI SRI SAI JAI JAI SAI
Tushar Desai
(Expert)
26 September 2013
Totally agreed with the Expert.
But, one query.
Can't the Son go ahead without HUF Formation?
But, one query.
Can't the Son go ahead without HUF Formation?
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