01 July 2012
Dear All My client has two proprietorship concerns in which he made sales turnover of Rs. 45 lacks and 53 lacks in the f.y. 2011-12. please tell me weather tax audit will be applicable or not?
Guest
Guest
(Expert)
01 July 2012
Sec 44AB of Tax Audit applies person wise and not business wise.
The turnover of two businesses will be aggregated and tax audit will be applicable.
02 July 2012
As per the revised Act, for both the entities stated above, tax audit is not compulsory. The limit for tax audit has been enhanced to Rs.60 lakhs of turnover. However, as both the business belongs to the same person, the T.O. will be aggreegated to find out the taxable income for tax and threfore, Tax audit is applicable to both of them.
CAclubindia
