RAJ KUMAR (FINANCE MANAGER) (1393 Points)
24 September 2010HELLO FRIENDS, IF AN ASSESSEE IS DOING TWO SEPERATE BUSINESS IN PROPRIETORSHIP
IN BOTH THE BUSINESS TAX AUDIT IS APPLICABLE
NOW WE HAVE TO PREPARE A CONSOLIDATED BALANCE SHEET FOR BOTH THE BUSINESS AND THEN WE HAVE TO MAKE A REPORT. OR WE HAVE TO TREAT AS THE SEPERATE BUSSINESS AND SEPERATE 3CD FORM IS TO BE ISSUED.
PLS. HELP ME WHETHER IT IS TREATED AS ONE AUDIT OR TWO.
PLS. HELP IT.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 24 September 2010
HI DEAR,
EVEN U CARRY ON MORE THAT ONE BUSINESS, U HAVE TO PREPARE ONLY ONE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT FOR ALL YOUR BUSINESSES. FURTHER, U HAVE TO FURNISH ONLY 1 FORM 3CD AND NO NEED FOR SEPARATE 3CD'S AND IT IS ALSO TREATED AS ONE AUDIT ONLY. AS PER SECTION 44AB, TAX AUDIT NEEDS TO BE DONE WHERE U'R TOTAL TURNOVER EXCEEDS 40 LAKHS AND THUS U'R TOTAL INCOME IS CONSIDERED FOR ELIBILITY TO GET TAX AUDIT DONE. THUS, EVEN IF THE DIFFERENT BUSINESSES EXCEEDS 40 LAKHS EACH, U HAVE TO PREPARE ONE CONSOLIDATED BALANCE SHEET AND P& L ACCOUNT AND ONE 3CD ONLY.
REGARDS,
MANOJ
Niraj
(CHARTERED ACCOUNTANTS)
(72 Points)
Replied 07 October 2010
3CD Report is prepare of the Business Entity and not the Individual - Status.
Require to be Prepare separate 3CD for the separate business of the same individual in the proprietorship concern.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 07 October 2010
whether these are treated as two audits.
CAclubindia
