Tax audit u/s 44ab
This query is : Resolved
Pranav Bembi
(Querist)
05 August 2011
MR. X IS A PROPRIETOR OF A 3 FIRM AND THE TURNOVER IS AS FOLLOWS-
A- 72 LAKHS
B- 8 LAKHS
C- 267 LAKHS
THEN FOR B FIRM ALSO HE SHOULD DO THE AUDIT???
A- 72 LAKHS
B- 8 LAKHS
C- 267 LAKHS
THEN FOR B FIRM ALSO HE SHOULD DO THE AUDIT???
CA PARAS BAFNA
(Expert)
05 August 2011
X has an option to declare income @8% U/s 44AD if he does not want to get audited the Firm B.
Otherwise, audit is necessary.
Otherwise, audit is necessary.
CA Ashwani Agarwal
(Expert)
05 August 2011
As for my personal point of view limits in 44AD and 44AB is person wise and not business wise so he has to get all his business audited.
05 August 2011
Seems Ashwani Ji is correct.
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