Dear All,
Please help me in this.
What if an individual has 3 businesses and all three are liable for Tax Audit,How should he file his Income Tax Return as per ITR-4?Should he consolidate the accounts and file or is there any other provision?
Please reply..
Thank You
Consolidate the accounts
Prepare Separate P&L A/c s and Balance Sheets of 3 business and then consolidate them for IT Return purpose ..
In cases where the assessee carries on more than one business activity, the results of all business activities should be clubbed together.
As per the provisions of section 44AB, one audit report for all the businesses is required. However in case different branches are audited by different auditors, the main auditor has to prepare a consolidated report considering the reports of all the branch auditors.
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