Tax audit report

A person is a sole proprietor of two separate business entities. The turnover of each business is less to qualify for getting Tax Audit Report. But when turnover is clubbed (as Prop. is same) while e-filing of Return of Income Tax then he is required to get Tax Audit Report from a qualified CA.

Now question is IF IT IS MUST TO GET TAX AUDIT REPORT?  If yes then to whom it will be addressed: to Business names (s) or Prop. Name?

Thanks.

 

Replies (4)
i just hate this spam... For different kinds of businesses you can claim separate limits and go for presumption taxation under section 44ad and If your profits are lower than presumption then audit is must...

I agree with sumit. But i couldn't accept the second one.If you are not covered u/s.44ad, then why should you go for persumptive taxation or tax audit.

Though the proprietor is same, the softwares are providing for number of business. Hence automaticaly the limit is taken separately.

Dear All,  for the considering the tax audit limit, you need to add both the busienss turnover.  At the tiem of filing you are filing one PAN - for sole proprietor - u cannot two separate pan.  Moreover, in case of sole proprietor,  the income tax department is maintaing the file in the name of the Proprietor ie., assessee not in the name of his/her busienss.  Plz., go through the Guidance Note issued by the ICAI.

what will be the return filing due date for a working partner whose firm falls under u/s 44AB..???

 

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