Audit Applicable or not

This query is : Resolved

harish (Querist)
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14 March 2009 Dear Sir

I am Proprietor of two firm.
1. Jai Balaji Hosery

In it trading of garments and turnover is 3650000.00

2. Jai Balaji Trading Co.

Trading of Computer & related goods.
Turnover is about 3500000.00

In my view Seprately firm have no required any tax audit but both company is prorietorship so tax audit required and how.

Harish

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 March 2009 The assessee being a proprietor the accounts of Jai Balaji Hosery and Jai Balaji Trading Co are to be audited u/s 44AB of the income-tax Act,1961.