Tax audit applicability

I do not understand the concept of main business. Business is business. If a transaction comes u/s 2(13) the income is charged under the head business.

Trading in equity shares + trading in textile, if combined turnover exceeds 60 L audit is compulsory.

As per my opinion if both busines are under same organisatio, thn tax audit u/s 44b applicable. If are under different org, than tax audit applicable only to trading bussiness as turnover exceeds 60 lacs

Originally posted by : pradeep mawri
	As per my opinion if both busines are under same organisatio, thn tax audit u/s 44b applicable. If are under different org, than tax audit applicable only to trading bussiness as turnover exceeds 60 lacs

Wat do you mean by same organisation?

Tax audit will not be applicable even if turnover from textile is Rs. 40 Lakhs & from equity Rs. 30 Lakhs and both the business belongs to single assessee. 

there is a case law of ACIT vs K Satish Shetty decided by Karnatka high Court.

wat will be the situation if assessee carry both business and profession and following situation holds:

1)business Rs.65 l Profession Rs.14 L

2) Business 57 l and profession 17 L