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itr 4 - PROPRIETOR HAVING MORE THAN ONE BUSINESSES AUDITED BY DIFFERENT CAS

sumit (CHARTERED ACCOUNTANT) (59 Points)

12 October 2007

A PERSON IS CARRYING ON THREE BUSINESSES, EACH IN PROPRIETORSHIP STYLE AND EACH IS AUTDITED BY A DIFFERENT CHARTERED ACCOUNTANT. NOW , THE QUESTION IS HOW THAT PERSON WILL FILE HIS RETURN AND PROVIDE FOR THE DETAILS REGARDING ALL BUSINESSES IN A SINGLE FORM? IF THE ACCOUNTS ARE REQUIRED TO BE CONSOLIDATED THEN PLEASE SPECIFY WHO WILL CONSOLIDATE THE ACCOUNTS AND ALSO , IS THERE A REQUIREMENT TO GET CONSOLIDATED ACCOUNTS AUDITED, KEEPING IN MIND THAT THE ACCOUNTS OF ALL BUSINESSES ARE ALREADY AUDITED? PLEASE CLARIFY.

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9 Replies

Prakash Popat (3134 Points)
Replied 12 October 2007

Yes

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CMA Gul S (Program Manager) (5910 Points)
Replied 12 October 2007

Yes Sumit you can do that, i have posted some ITR Forms on the portal Please have a look at that too

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 13 October 2007

Mr Gul , please clarify . The ITR form from department have space for only one Balance Sheet and Profit and Loss Account . If some one has multiple balance sheets and P.L. , therse are to be consolidated and then filled in ITR form . Further there is space for one auditor only ??? Is this right??

CMA Gul S (Program Manager) (5910 Points)
Replied 13 October 2007

Yes the B/S and P/L needs to be consolidated and filled in the ITR 4

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 13 October 2007

THanks

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ravi sankar (Chartered Accountant) (157 Points)
Replied 14 October 2007

does the auditor need to sign ITR4? If yes, then there is complex situation since 3 diff CAs have signed.

Vk Duggal (320 Points)
Replied 16 October 2007

logically all CA's who have signed the tax audit reports forming part of the return of income should sign on the ITR form

CA Harish Suwalka (Chartered Accountant ( Bhilwara )) (4125 Points)
Replied 22 September 2008

Originally posted by :sumit
"	A PERSON IS CARRYING ON THREE BUSINESSES, EACH IN PROPRIETORSHIP STYLE AND EACH IS AUTDITED BY A DIFFERENT CHARTERED ACCOUNTANT. NOW , THE QUESTION IS HOW THAT PERSON WILL FILE HIS RETURN AND PROVIDE FOR THE DETAILS REGARDING ALL BUSINESSES IN A SINGLE FORM? IF THE ACCOUNTS ARE REQUIRED TO BE CONSOLIDATED THEN PLEASE SPECIFY WHO WILL CONSOLIDATE THE ACCOUNTS AND ALSO , IS THERE A REQUIREMENT TO GET CONSOLIDATED ACCOUNTS AUDITED, KEEPING IN MIND THAT THE ACCOUNTS OF ALL BUSINESSES ARE ALREADY AUDITED? PLEASE CLARIFY.	"

i am realy feeling odd to answering it but let me clear m nt a proffesional, i m a pcc student

answer-any tax audit is being done for a an individual not for a propriotory firm

as like a pan is issued to a person not a firm,