Tax Audit report in case of change of propreitor
This query is : Resolved
08 July 2008
in case where there is change of propreitor say from X Individual to X karta of HUF whether 2 seperate tax audit report are required to be given even when the business remains the same
08 July 2008
The status of the person before takeover and thereafter is different and the the limit of Rs 40lacs fot purpose of Section 44AB for the two periods shall be seen seperately. If the same exceeds the limit in any of the periods ignoring the same for the second period then Tax Audit is to be coducted.
08 July 2008
Yes, as said by Mr Ahuja. But please clarify how does this change occur between individual to HUF?
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