do reply
This query is : Resolved
30 December 2009
1.I am engaged in wholesale business and also have a commission agency. My turnover from wholesale business this year is Rs.38 lakh while my commission income is Rs.5 lakh. Do I have to get my accounts audited since the total is exceeding Rs. 40 lakhs?
30 December 2009
no if one of your business exceeds 40lacks then audit
30 December 2009
But i feel the momment my turnover exceeds 40 lakhs of my both business i need to get my books of a.cs audited?
30 December 2009
Both are business income hence these will be clubbed because the nature is of sales and gross receipts.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
30 December 2009
I do agree with Mr surendra kumar......Audit requirement under section 44AB will emerges
30 December 2009
Agree with Sir Rakhecha & expert Mr. Vivek
30 December 2009
calculation of turnover is Assesse wise not business wise.(sec.44AB)
31 December 2009
AGREED
31 December 2009
agree to all
03 January 2010
yes , you are thinking right Sonia.
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