TAX AUDIT U/S 44AB
This query is : Resolved
Amit Kumar Agarwal
(Querist)
03 September 2009
If an individual is carrying on two business under its proprietorship whether 2 Audit reports will be furnished by the C.A. one for each concern or a single consolidated tax audit report will be issued combining details of both the business?
03 September 2009
there are 2 possibilities firstly that separate tax auditor can be appointed for each business
second thing if u furnish separate report in form 3CD than it will be difficult to comply/to give effect to the provisions of chapter VIA,TDS disallowance or 269SS and 269T etc. hence it is advisable to prepare consolidated form. further the auditor consolidating the report/ form can reply on the work of other auditor (SAP 10)
second thing if u furnish separate report in form 3CD than it will be difficult to comply/to give effect to the provisions of chapter VIA,TDS disallowance or 269SS and 269T etc. hence it is advisable to prepare consolidated form. further the auditor consolidating the report/ form can reply on the work of other auditor (SAP 10)
Amit Kumar Agarwal
(Querist)
03 September 2009
Let me reframe the question. Mr. X is carrying on 2 Proprietorship P1 and P2 each liable for tax audit. He appoints Mr. A as auditor for both the proprietorships. Now will Mr. A issue separate tax audit report for P1 and separate for P2 or will he issue a single tax audit report covering both the proprietorships?
chetan soni
(Expert)
03 September 2009
tax audit report under section 44AB is not business wise. It will be always for assessee & the same should be issued.
In your case you need to get the consolidated audit report. For things like 269SS & 269T, ratio calculations, dis allowance u/s 43B prepare the chart business wise & attached the same to tax audit report.
In case the method of accounting is different in business A & business B then give the specific report in form 3CD. Also make a note of this in form 3CB.
In your case you need to get the consolidated audit report. For things like 269SS & 269T, ratio calculations, dis allowance u/s 43B prepare the chart business wise & attached the same to tax audit report.
In case the method of accounting is different in business A & business B then give the specific report in form 3CD. Also make a note of this in form 3CB.
Amit Kumar Agarwal
(Querist)
03 September 2009
Thanks Sir
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