Audit u/s 44ab of assessee having 2 businesses

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articled assistant
37 Points Posted on 20 January 2015

An Individual  Assessee having 2 businesses viz. 

1) Retailing Busniess (Turnover around 2 crore);

2) Share Trading Business(Turnover around 18 Lacs);

my query is that, do the Auditor has to audit both the busniesses or only the retailing busniess attarcts provision of Tax Audit ???

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On 20 January 2015 at 15:34 Report
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self practice
1946 Points Posted on 20 January 2015

BOTH THE BUSINES GROSS RECEIPT WILL ME MERGED AND ONE CONSOLIDATED B/S + P/L WILL ME MADE IF INDIVIDUAL HAS BOTH BUSINESS ON PROPERITORSHIP , HENCE BOTH THE BUSINESS WILL BE AUDITED

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On 20 January 2015 at 17:12
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am
67 Points Posted on 20 January 2015
In the eyes of income tax department you have only one pan so both of your business will be compiled and tax audit will be on compiled basis because you are a single entity in eyes of income tax law
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On 20 January 2015 at 19:07
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Student C.A. final
122 Points Posted on 21 January 2015
DEAR AYUSH AS PER THE LAW IN CASE OF PROPERIETORSHIP BUSINESS THE OWNER & BUSINESS IS NOT A DISTINCT ENTITY ACCORDINGLY THERE WILL BE SINGLE F.S PREPARED FOR THE ASSESSEE NOT FOR BUSINESS. THANK YOU
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On 21 January 2015 at 10:46
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articled assistant
37 Points Posted on 21 January 2015

Thank you all,

This might help me in the assessment.

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On 21 January 2015 at 11:51

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