Urgent tax audit 12-13

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manish (Querist)
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21 September 2013 my client has sadi show room from many time.last year he audited it as its t/o was 72 lac. now he also started one business of trading of edible oil last year i.e 12-13
and its T/o is 1.7 crore & it has loss of 7 lac and he will shut down this business in13-14 but his main business i.e sadi show room has 60 lac T/o and has profit of 5 lac. now what to do ?

he has to audit both the firm or
can he carry fwd his loss

CA Pallav Singhania

CA Pallav Singhania (Expert)
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21 September 2013 As per the provisions of section 44AB, one audit report for all the businesses is required.

As the turnover exceeds the limit prescribed in the Section 44AB,

However, the loss can be carry forwarded...

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manish

manish (Querist)
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21 September 2013 thanx a lot Mr. Aryan

but both the business r running on different names.
n should i merge the balancesheet of both

CA Pallav Singhania

CA Pallav Singhania (Expert)
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21 September 2013 Owner of the both businesses are a same person that is the main criteria...

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