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Tax Audit u/s 44AB of I.T.Act

This query is : Resolved 
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(Querist)
05 August 2010 An Individual Proprietorship concern covered under tax audit during year 2009-10 engaged in Electrcal contract works.
Also the proprietor is a director of a Private Limited Company in which he is having Shares of Rs.1300000/- & getting Remuneration of Rs.700000/- from this company. Further business transactions are also made during the year under audit & showing of Rs.3572152/- as Debtor in B/S of Concern from the said company.

What's disclouseres to be made in audit report from audit point of view as well as tax point of view.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 August 2010 No disclosure of shareholding and salary is required in the audit report of Proprietorship concern only requirement is disclosure u/s 40A(2)(b)
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VINOD ARORA

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VINOD ARORA (Expert)
07 August 2010 Agreed.
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