Tax audit limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
Hi
Respected Member
Can any one tell me ?
1. if a person carrying on two separate nature of business, then how gross sales limit shall be calculated for tax audit.
Whether agreegate or each business.
My C.a. said that it shall be calculated agreegate but i read guidance note on tax audit, in that it is written that limit of gross sales i.e. 40 lakhs shall be calculated individully for each business.
Please Guide
Thanks
in advance
Respected Member
Can any one tell me ?
1. if a person carrying on two separate nature of business, then how gross sales limit shall be calculated for tax audit.
Whether agreegate or each business.
My C.a. said that it shall be calculated agreegate but i read guidance note on tax audit, in that it is written that limit of gross sales i.e. 40 lakhs shall be calculated individully for each business.
Please Guide
Thanks
in advance
06 July 2010
Yes, limit for tax audit is calculated by agreegating gross sales, turnover & gross receipt of all business carreid out by assessee. If assessee opts to pay tax based on turnover, that much of turnover will not be considered for tax audit limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
