Compulsory audit
This query is : Resolved
20 August 2011
An assessee is carrying two business. The Turnover of first business does not exciding 60lacs, but The Turnover of second business exciding 60 lacs. Is the assessee liable for Audit U/s 44AB for the both businesses?
20 August 2011
Dear Rohit, when one assessee is doing two type of businesses,each business is considered as separate unit for I.T.purpose.Hence, when one unit is having turnover of over Rs.60 lakhs, only that unit is subject to tax audit and other unit whose T.O.does not exceed Rs.60lakhs is not liable for Tax Audit.
20 August 2011
If the status of the assessee is 'individual', both the accounts have to be audited under section 44AB of the Income tax Act,1961.
20 August 2011
Assessee basis
20 August 2011
Turnover count as Assessee Basis.
if assessee have two or more business then turnover of all business clubed/added and then see the limit of Rs.60 lakhs.
if assessee have two or more business then turnover of all business clubed/added and then see the limit of Rs.60 lakhs.
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