Many business unit under same proprietorship
This query is : Resolved
06 February 2015
MR.X HAS THREE SOLE PROPRIETORSHIP BUSINESS UNDER THE NAME AND STYLE (I) M/S KALI ENTERPRISE (II) M/S MODERN FURNITURE (II) M/S EATING HUB .
ALL HAVE DIFFERENT TRADE LICENCE AND OPERATING AT DIFFERENT PREMISES BUT UNDER THE SAME SOLE PROPRIETORSHIP.
BOOKS OF ACCOUNTS ARE MAINTAINED SEPARATELY FOR THESE THREE BUSINESSES ( i.e, three P/L A/C and Three Balance Sheet for Three enterprises ).
MR X WILL SUBMIT HIS INOCME TAX RETURN
ITR- 4. NOW THE QUESTION IS WHETHER MR X WILL HAVE TO SUBMIT THREE P/L A/C AND THREE BALANCE SHEET OR A COMBINED CONSOLIDATED P/L A/C AND BALANCE SHEET ?
MR.X HAS THREE SOLE PROPRIETORSHIP BUSINESS UNDER THE NAME AND STYLE (I) M/S KALI ENTERPRISE (II) M/S MODERN FURNITURE (II) M/S EATING HUB .
ALL HAVE DIFFERENT TRADE LICENCE AND OPERATING AT DIFFERENT PREMISES BUT UNDER THE SAME SOLE PROPRIETORSHIP.
BOOKS OF ACCOUNTS ARE MAINTAINED SEPARATELY FOR THESE THREE BUSINESSES ( i.e, three P/L A/C and Three Balance Sheet for Three enterprises ).
MR X WILL SUBMIT HIS INOCME TAX RETURN
ITR- 4. NOW THE QUESTION IS WHETHER MR X WILL HAVE TO SUBMIT THREE P/L A/C AND THREE BALANCE SHEET OR A COMBINED CONSOLIDATED P/L A/C AND BALANCE SHEET ?
06 February 2015
A consolidated P &L and BS can be provided because of Tax audit applies on the basis of total turnover of the assessee.
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