Assessee have three business during the year.
One of the business fall under the criteria of Tax Audit. Is it necessary to
get its accounts of all the three business audited or does he have the option
of getting the accounts of only one business audited.
As your reply showing, one of three business is falling in creteria of Tax Audit. and the last date of e-filling is 30sep. so he should prepare all of his other accounts and merge them in the one ITR.
if others business are not falling in creteria of Tax Audit than no need to be AUDITED.
;)
hello manish,
In case if assessee is having more than one business and his one business is eligible for tax audit then his another business itself liable for tax audit whether turnover exceeds thresold limit or not..
tax audit is not of business but of assessee... therefore assessee has no other option but have to audit accounts of other business also
single audit report containing all three business is required, no business can escape of same pan no from audit .
Dear Manish,
It also depends upon the nature of the other two businesses.
If income of these two can be covered under the scheme of presumptive income U/s 44AF, 44AD, 44 AE -
He would require to get audited only one business.
Prashant goyal is right. However if the assessee has opted for the presumptive income scheme on either of his businesses the turnover of the same would not be included in computing the total turnover of the assessee.
Dear Manish,
If assessee is an individual then all the three business will come under the purviev of Tax audit.
It depends on the total sales made by the Person.
Regards,
Rahul
CAclubindia
