Tax Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2010 Hi Expert,

Can you please clarify whether For calculating limit of Rs. 40 lakhs for tax audit purpose Sales/Turonver/Gross Receipts to be clubbed for all business OR to be considered individually?

Say:

Whole Sale : 25Lakh
Retail : 10 Lakh
Commission: 6 Lakh

If Tax audit is applicable how many forms 3CB/3CD needs to be submitted?

Also will Sec 44AF will be applicable on Turnover of Retail i.e. 10 lakh?

Please Guide....

Regards
Gaurav

M Prabhakar Menon

M Prabhakar Menon (Expert)
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03 March 2010 The gross figure refers to the total turnover of the assessee from all sources.This limit is raised to Rs60.00/15 lakhs from Rs40.00/10.00 lakhs respectively in the Union Budget presented on 25/2/2010

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2010 Hi,

Thanks!!

How many forms 3CB/3CD needs to be submitted and whether Sec 444AF will still hold good for retail turnover?

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vrnanda

vrnanda (Expert)
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13 March 2010 See it depends on structure of the entity.

if a single entity having three divisions, in that the all the divisions should be clubbed to gether to check the limit of 60 lakhs.

in case there are three entities, then three entities should be seen separately for the purpose of limits.