HELLO FRIENDS, IF MY CLIENT HAS TWO BUSINESS IN PROPRIETORSHIP, AND IN ONE BUSINESS ITS TURNOVER EXCEEDS RS. 40,00,000.00 AND IN OTHER BUSINESS ITS TURNOVER IS BELOW RS 40,00,000.00 WHAETHER TAX AUDIT IS COMPULSORY FOR BOTH THE BUSINESS OR ONLY ONE.
IF YES HOW TO ISSUE THE AUDIT REPORT WHETHER ONE OR TWO AND WHAETHER IT IS CONSIDERED AS ONE AUDIT OR TWO.
PLS. REPLY.
I SHALL BE VERY THANKFUL.
HELLO FRIENDS, I AM IN URGENT NEED.
PLS. HELP.
Dear Sir,
Tax Audit is mendatory for those whose turnover is more than Rs. 40,00,000/-
now its clear that, one of the prop. firm must to be audited,
if you want you can go for audit with the prop.business whose turnover is less than Rs. 40,00,000/-
Audit mean, account get checked, audited by the expert. (CA)
Now for E-file of the Return, merge Trading, Profit & Loss A/c and Balance Sheets of both of the business and fill in the form (which is applicable).
hope now its clear.
;)
BUT IN THE AUDIT REPORT I HAVE TO GIVE THE DETAILS OF THE AUDITED BUSINESS ONLY.
Yeah, plz read my above reply again.
I written there, if the trunover is more than 40lacs than business must be audited. only that business and there transactions.
dont include second business and its transaction in Audit Report.
;)
BUT I HAVE AUDITED SECOND BUSINESS ALSO VOLUNTARY THEN TO REPORT OR NOT.
That is not a problem dear, Its gud that you had audited the other business which was not applicable for tax audit.
now when you will e -file
you will get coulmn of business assees is running. now fill on that details of both business.
THE FINAL RESULT IS THAT IN REPORT ONLY GIVE THE DETAILS OF AUDITED BUSINESS AND IN RETURN CONSOLIDATE IT.
CAclubindia
