10 September 2010
dear sir.. i have 2 business in which i m proprioter..turnover of the 1st business is 20 lack and other is 20 lack..whether i m liable for audit...U/s 44AB..
10 September 2010
Turnover has not exceeded Rs.40/- lakhs(rs.20 lakhs + rs 20 lakha), even when the two businesses are combained,and hence tax audit as per section 44AB will not apply.
10 September 2010
In case of Propriotership, Turnover will be combined . In your case turnover has not exceed Rs.40 after combing, hence tax audit will not apply for that year.
CAclubindia
