11 February 2012
Dear Sir, In TAX Audit U/S-44AB got two business and receipts from 1st business exceeded the ceiling limit of tax audit and receipts from 2nd business not exceeded the ceiling limit. Question 1:-Whether now the client has to get tax audit on business or both? 2.if in the above case individually not exceeded the ceiling limit,but on aggregate of receipts from both the business exceeded the limit...Now he has to get audit? 3.When a having client having 2 or more business...in such case which criteria should be considered for tax purpose?
11 February 2012
Audit shall be required for ALL THE ACCOUNTS.. as audit is assessee specific and not based on the number of business he does.. all the books of accounts is to be audited and report to be issued. refer section 44AB which is clear in this regard,, and the income tax works on PAN basis and not on business or no. of business.
CAclubindia
