28 August 2009
whether tax audit applies on a person if he is having two business in the seme financial year and his gross reciepts exceeds Rs40Lack (25L+20L)in total. the assessee stoped one business and start the new business of the same nature
28 August 2009
Well,,,, Tax Audit is of the Assessee and not of the Business. So if Aggegate of all the business crosses the minimum bracket(40L), then TAx audit is applicable.
However, make sure that he is not under Presumptive taxation like 44AD/AE/AF...
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