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Tax Audit

Amit Raj (I.T. Practitioner) (67 Points)

25 July 2009

An individual having 2 business. one having the turnover of Rs. 32 lakh and the other having turnover of Rs. 12 Lakh. Is he is required for Tax audit? The later business having the turnover of Rs 12 lakh is a retail trade and is Calculating his Net Profit more than 5% of the T.O u/s 44AF. (No Books of accounts was maintained )

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2 Replies

CA CS Amit Borade (Chief Accountant) (2828 Points)
Replied 25 July 2009

HI Amit ...

As per my opinion Individual is applicable for Tax Audit.

Section 44AB starts with.... In the case of any Person.... so we have to consider it as total turnover of that Person..

Thanks..

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bishan singh negi (service) (87 Points)
Replied 25 July 2009

Originally posted by : @ m!t "keep $m!l!ng"
"	HI Amit ... As per my opinion Individual is applicable for Tax Audit. Section 44AB starts with.... In the case of any Person.... so we have to consider it as total turnover of that Person.. Thanks..	"