Tax Audit U/s 44 AB
This query is : Resolved
Yatesh Prakash Renuke
(Querist)
20 June 2008
If a Proprietor is having 2 seperate Business having no linkage with other.
The turnover of one Business is Rs. 35 Lacs & the other is having Rs. 38 Lacs.
Whether tax audit is applicable to the assessee?
The turnover of one Business is Rs. 35 Lacs & the other is having Rs. 38 Lacs.
Whether tax audit is applicable to the assessee?
CA Hemant T Dewani
(Expert)
20 June 2008
if one is wholsaes & other is retail & assessed U/S 44 AF then audit is not required otherwise audit is compulsory
Yatesh Prakash Renuke
(Querist)
28 June 2008
1. As stated above if the person carrying 2 retail business of different nature & showing profit as per Sec. 44 AF.,tax auddit is not applicable. Can I apply for another business?
2. According to Sec. 44AB (Sec.44 AB makes it obligatory for a person carrying on business to get his accounts audited .......if his total sales, Turnover or gross receipts in business exceeds Rs. 40 Lacs....) it is not cleared whether it is for a person or for a business???
2. According to Sec. 44AB (Sec.44 AB makes it obligatory for a person carrying on business to get his accounts audited .......if his total sales, Turnover or gross receipts in business exceeds Rs. 40 Lacs....) it is not cleared whether it is for a person or for a business???
Dhirajlal Rambhia
(Expert)
16 June 2023
Its for person or PAN base...
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