Turnover of 40 lakhs in 2 business!!!Urgent Sir!!!
This query is : Resolved
30 August 2010
Dear Experts,
Very urgently require your attention!!
If there are two entities carrying on the business separately having turnover of Rs. 40 lakhs above separately. One is carried on the name of ABC Enterprises (which is a sole propreitor) and the other XYZ&Co. (which is a partnership firm). The Income Tax Return is filed only in the name of ABC Enterprises (sole propreitor firm) giving effect to the net profit or loss from the XYZ&Co. In such a case should we have to file separate tax audit report for ABC Enterprises and XYZ&Co.
Please provide me with the relevant section or case law so that i can put my points before my higher authorities.
With regards,
Rajesh.
Very urgently require your attention!!
If there are two entities carrying on the business separately having turnover of Rs. 40 lakhs above separately. One is carried on the name of ABC Enterprises (which is a sole propreitor) and the other XYZ&Co. (which is a partnership firm). The Income Tax Return is filed only in the name of ABC Enterprises (sole propreitor firm) giving effect to the net profit or loss from the XYZ&Co. In such a case should we have to file separate tax audit report for ABC Enterprises and XYZ&Co.
Please provide me with the relevant section or case law so that i can put my points before my higher authorities.
With regards,
Rajesh.
30 August 2010
partnership is a separate entity and individual is a separate assessee. Therefore, two separate tax audits reports will be filed if they have income of more than 40 lacs in thier own capacity
23 September 2010
yes Mr. Jitendra is right but dont forget to show profit of partner ship firm and salary of partner from partnership firm (if getting) in ABC Enterprises computation of income.
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03 October 2021
Tax audit not applicable on either of the businesses.
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