Tax and audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2011 I am having three proprietorship firms engaged in three different nature of businesses. I would like to know whether the cumulative turnover of all the three businesses would be taken in consideration or will the limit be applicable to each of the firms separately while computing the limit prescribed u/s 44AB.

CA Navin Jain

CA Navin Jain (Expert)
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08 September 2011 cumulative turnover shall be considered for the tax audit.

However if you opt the sex 44AD, then all business shall be considered separately.