tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2011 if i have tow proprietory concern having turnover 45 lac & 50 lac & profit 11% in both firm is income tax audit applicable for me

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 June 2011 No tax audit for both the firms if they belong to different assessee.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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24 June 2011 Since you are the proprietor of both the firms, turnover of both the firms will be clubbed to determine the applicability of tax audit. Since the turnover in your case of both the firms taken together is more than 60 lakhs, tax audit has to be done for both firms.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2011 thak you sir