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
CA Kalpesh Gokani
(Expert)
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.
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