ranjitkarmakar (service) (303 Points)
09 August 2014Respected Seniors,
A single person can open how many proprietorship firm in his own capacity, by his own Pan No. ? Is there is any restriction, For example he open a firm for tading by getting registration under Vat and other firm he is open for providing service through get registration under Service Tax. Please clear my doubt. thanks,
CA Parag Jani
(BCom CA DISA Forensic Auditor)
(288 Points)
Replied 09 August 2014
There is no restriction as such. A person can start & run multiple businessess under same PAN Number as his proprietorship firms. However, for tax purposes, there shall be only one IT Return and One Tax Audit Report if Sec.44AB applies. I hope your doubts are cleared.
Bharat Vora
(Accountant)
(21 Points)
Replied 09 August 2014
As you told us that housing society maintainence are exeed of Rs. 5000 that only
it is liable for service tax, but what is the percentage ? how much percentage ?
ranjitkarmakar
(service)
(303 Points)
Replied 27 October 2014
For audit purpose turnover must be over 1 crore (Sec 44AB), but one person run multiple firm under one singal pan no. Suppose all the firms individual turn over is less than 1 crore, but if going to calculate the total turnover of all the firms it is over 1 crore, So my question is whether Audit under section 44 AB applicable here? please clear my queires
kanh singh
(CA Article)
(121 Points)
Replied 27 October 2014
Audit under section 44AB is applicable due to the turnover of assesse exceeds 1 crore irrespective of no. of business.
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