Turnover for the purposes of tax audit u/s 44ab
This query is : Resolved
CA Sanjay Baheti
(Querist)
18 September 2011
My client being an Individual doing more than one Business Activities i.e. two Business Incomes.In one Business the Turnover is Rs.10 Lacs & in another Business the Turnover is Rs.55 lacs during year 2010-11 respectively.Further such business is conducting at two different Places.
Now query is whether the client is subject to Tax Audit u/s 44 AB of I.T. Act or not after keeping in view the combined Figure of Turnover exceeding Rs 60 Lacs.
Now query is whether the client is subject to Tax Audit u/s 44 AB of I.T. Act or not after keeping in view the combined Figure of Turnover exceeding Rs 60 Lacs.
Yogesh Agarwal
(Expert)
18 September 2011
Yes, your client need to get hs accounts audited as in your case he is doing both busines in an individual capacity.
CA B.S.Sridhar
(Expert)
18 September 2011
Yes. The assessee will be subject to tax audit due the fact that the tax audit limit of Rs. 60 Lakhs is for the Assessee as a whole and not for the business.
CA. Nitin Agrawal
(Expert)
18 September 2011
Agree with Mr. B.S Sridhar
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