Tax Audit

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Pravin H. Nayak (Querist)
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02 September 2008 A person is proprietor of two different proprietary concerns having different business both having turnover more than 40 lacs and audited u/s 44AB by a chartered accountants which data he has to fill in form no.ITR 4,the balance sheet and P& L A/c are to be consolidated for this purpose should the tax audit particulars to be furnished in 3CD also be consolidated.

Jatin Jindal

Jatin Jindal (Expert)
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02 September 2008 As per the language of Section 44AB The limit of 40 Lakhs has to be seen assessee vise and not business vise. In case if an individual has two or more diffrent businesses and cosolidated turnover exceeds 40 Lacs then first of all a consolidated 3CD for the assessee as a whole will be filed and secondly for each business a seprate 3CD is to be filed.