TAX Audit u/s-44AB

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Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 respected sir..

i have 4 business in which i m propriotor.
tournover of the 1st business is 2500000 and tournover of the 2nd business is 1200000 and tournover of the 3rd business is 500000 and tournover of the 4th business is 800000.so total turnover is 5000000 of all the business..whether i m liable for tax audit u/s 44AB.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 September 2010 Yes liable for tax audit. For this purpose turnover all the four proprietorship concerns has to be summed up.

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ravi taneja

ravi taneja (Expert)
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11 September 2010 Section 44AB APPLY PERSON WISE NOT BUSINESS WISE SO 44AB WILL APPLY IF TURNOVER IS EXCESS OF RS. 40 LACS FOR ALL BUSINESS

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