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tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2011 res. sir/madam pls reply me
turnover of two firm ,having same proprietor,

is 55 lac & 50 lac profit is 12% in both firm is tax audit applicable for the proprietor
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AMAN Gupta

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AMAN Gupta (Expert)
24 June 2011 yes. as total turnover is above 60 lacs
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 June 2011 Being proprietory, both the firms has to be audited u/s 44AB ,irrespective of the profit percentage,since combained turnover exceeded the threshold limit of Rs. 60/- lacs per annum.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2011 thank u sir, i got satisfied reply

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