TAX Audit u/s-44AB
This query is : Resolved
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.
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.
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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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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