Section 44ab
This query is : Resolved
24 August 2011
Suppose in F. Y. 2010-11, turnover of Shri XYZ from Trading of oil business is 1 crore and he also trades in shares and securities. Turnover of shares is Rs. 50 lakhs. Now being a proprietor, is he required to get the accounts audited of both these businesses or only of the business in which turnover exceed Rs. 60 lakhs as per section 44AB?
24 August 2011
Turnover u/s 44AB is assessee wise and not business wise.
So he has to get both the business audited.
So he has to get both the business audited.
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