Tax audit report of a proprietorship

Dear Colleagues Kindly let me guide for following Point · A Person having two different business both are of totally different nature · In F.Y 2018-19 Both business recorded Turnover above ` 2 cr (means both are under Audit)

 

My Queries are - 1. Whether there will be single Audit Report for both the businesses? because both businesses are operated by one & the same person so we have to file single ITR 4 2. If we prepared one single Audit Report for both business then in business code (under Annx I) whether we have to fill two business codes. 3. Whether we should prepare 2 Audit Report (Two 3CD & 3CB) and consolidate it while prepare Balance sheet of Proprietor & then file single Itr4 Awaiting your reply for the above & other related point of Audit

 

Replies (2)
1. Yes... Single audit report is enough. But, not in ITR 4.

2. Yes... Two business code required if both are different.

3. No... One Consolidated Audit report & ITR filing for the two business and You can prepare two BS and PandL...

ITR 4 not applicable if filing u/s 44ab...
You can file only one 3cb and 3cd t and itr 3 for an assessee on the basis of consolidated financials. Details of 2 business mention in audit report and itr

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