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Business and Profession

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

25 July 2011

HELLO FRIENDS, MY CLIENT DOES BOTH THE BUSINESS AND PROFESSION.

PLS. TELL ME FOR THE TAX AUDIT LIMIT WE HAVE TO SEE THE LIMITS SEPERATELY

IF HIS PROFESSION RECEIPTS ARE 12,00,000 AND BUSINESS RECEIPTS ARE25,00,000 IN THE PREVIOUS YEAR. WHETHER TAX AUDIT IS APPLICABLE OR NOT.

PLS. HELP ME.

AND FOR FILING THE RTURN I HAVE TO PREPARE THE CONSOLIDATED STATEMENT.

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3 Replies

(Guest)

if any tax limit is crossed than tax audit becomes compulsory.........and in ITR u have to show thw both incomes...........

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RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 25 July 2011

FOR FILING THE RETURN, I HAVE TO MAKE CONSOLIDATED BALANCE SHEET OR NOT.

CA Vibhash Kumar Sah (Associate Manager) (710 Points)
Replied 25 July 2011

Firstly, Tax audit is not applicable in case mentioned by you. Secondly, IT Return has to be filled for Assessee and not for the Income head wise. Naturally, you have to consider both the income under the head Business & Profession and All the details is required assessee as a whole with proper segregation of Income under different heads like, BP, Capital gain, other Source etc.