Hello Everyone,
I want to ask a question through this forum.
In case of any assesse who is providing the professional service and doing a business as well, and the Gross reciept from the profession is Rs. 2 Crore, but the turnover from the business is Rs. 50 Lakhs only.
Now the Tax Audit can be done for the profession only?, or is it mandatory to combined the both, and make a consolidated tax audit report?
Thanks in advance to all the professionals for providing me your valuable suggestions.
Tax audit of both has to be done in your case as per ICAI Guidelines.
Once you are covered under tax audit, you need to get your accounts audited for all your business and professions you carrying on during that year irrespective of turnover of other business/profession is below threshold limit prescribed under 44AB
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