filling of ITR-IV having more than one business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2010 A person having two different business under proprietorship setup and both are to be audited u/s 44AB. please tell me how I can fillup the ITR-IV of both business alongwith audit detail of form 3CD

Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 August 2010 A very much debated issue for putting details of tax audit. In case the same is audited by the same person and on the same date then no problem.

For filing balance sheet put total of both the balance sheet.

mohinder kansal

mohinder kansal (Expert)
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11 August 2010 it audit of two businesses are conducted by two different auditors on different dates, what shall be the position for filing particulars in form ITR IV or V or VI ?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 August 2010 The problem will be in ITR - IV only as tax audit of firms and companies are are signed on one date only.

In ITR IV there is no such option to show different dates and different names so i think the option is to show in the nature of business under description eg. XYZ (Audited by ABC & Co. on 10/08/10).

Views of other experts also invited.

mohinder kansal

mohinder kansal (Expert)
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11 August 2010 But if in case of one business, the audit report is issued for a date after due date and when penalty notices are to be issued from data collected from efiling system, there is only one column for entering date of report. If date is mentioned for business whose report is issued befor due date, how the penalty notice can be issued and if date for business whose report is issued after due date is mentioned, notice for penalty can be issued for whole turnover of the assessee. In my opinion system will not pick the date of report from the natur of business column.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 August 2010 I think before levying penalty the officer will give an opportunity to the assessee to show cause why penalty should not be levied. There the assessee can reply giveing details facts of his case.

Problem is in efiling not in writing letter to the ITO and explaining him.