Dear Friends,
If a proprietor assessee has two different business of which combined turnover exceeds the amount Rs. 60 lacs for the purpose of sec. 44AB then whether he will be required to get audit of his business.
Thanks,
MOHAN AGRAWAL (Practice) (100 Points)
02 March 2012Dear Friends,
If a proprietor assessee has two different business of which combined turnover exceeds the amount Rs. 60 lacs for the purpose of sec. 44AB then whether he will be required to get audit of his business.
Thanks,
Deepak Gupta
(CA Student)
(15922 Points)
Replied 02 March 2012
The aggregate sales, turnover and/or gross receipts of all businesses carried on by an assessee would be taken into consideration in determining whether the limit of Rs.60 lakhs as laid down in this section has been exceeded or not.
Therefore, in your case Tax Audit will be applicable since the turnover of both the businesses taken togeather exceeds the limit of Rs. 60 lakhs.
However, where the business is covered by section 44B or 44BBA turnover of such business shall be excluded. Similarly where the assessee opts to be assessed under the presumptive basis, the turnover thereof shall be excluded.
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