CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 19 September 2011
I do not understand the concept of main business. Business is business. If a transaction comes u/s 2(13) the income is charged under the head business.
Trading in equity shares + trading in textile, if combined turnover exceeds 60 L audit is compulsory.
Pradeep Singh
(article)
(65 Points)
Replied 19 September 2011
As per my opinion if both busines are under same organisatio, thn tax audit u/s 44b applicable. If are under different org, than tax audit applicable only to trading bussiness as turnover exceeds 60 lacs
CA Devender Chauhan
(Group Financial Accountant)
(1526 Points)
Replied 19 September 2011
| Originally posted by : pradeep mawri | ||
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As per my opinion if both busines are under same organisatio, thn tax audit u/s 44b applicable. If are under different org, than tax audit applicable only to trading bussiness as turnover exceeds 60 lacs |
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Wat do you mean by same organisation?
Tax audit will not be applicable even if turnover from textile is Rs. 40 Lakhs & from equity Rs. 30 Lakhs and both the business belongs to single assessee.
ashish gupta
( student)
(1922 Points)
Replied 19 September 2011
there is a case law of ACIT vs K Satish Shetty decided by Karnatka high Court.
Bonita
(trainee)
(218 Points)
Replied 30 September 2011
wat will be the situation if assessee carry both business and profession and following situation holds:
1)business Rs.65 l Profession Rs.14 L
2) Business 57 l and profession 17 L
CAclubindia
