Proprietor having 2 Businesses both are under Audit u/s44AB

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 Dear Colleagues

Kindly let me guide for following Point

· A Person having two different business both are of totally different nature
· In F.Y 2010-11 Both business recorded Turnover above ` 60 Lac (means both are under Audit)

My Queries are -

1. Whether there will be single Audit Report for both the businesses? because both businesses are operated by one & the same person so we have to file single ITR 4

2. If we prepared one single Audit Report for both business then in business code (under Annx I) whether we have to fill two business codes.

3. Whether we should prepare 2 Audit Report (Two 3CD & 3CB) and consolidate it while prepare Balance sheet of Proprietor & then file single Itr4

Awaiting your reply for the above & other related point of Audit

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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30 June 2011 Tax audit u/s 44AB is not concerned with the number of businesses of the assessee. Tax audit is always conducted against PAN no. So if a person has 2 or more businesses but single PAN then tax audit report will be single for all the businesses.