Mr. X Textile business turnover is Rs. 30 lakhs., grocery business turnover is Rs. 15 lakhs..is he liable to tax audit... if both are carried under the same proprietary head and in different proprietary heads..(ignore the recent amendments Pls)
what abt tis.. Professional receipts gross is Rs.8 lakhs and business receipts is Rs.38 lakhs..
Any case lae reg this
Mr. X Textile business turnover is Rs. 30 lakhs., grocery business turnover is Rs. 15 lakhs..is he liable to tax audit... if both are carried under the same proprietary head and in different proprietary heads..(ignore the recent amendments Pls)
what abt tis.. Professional receipts gross is Rs.8 lakhs and business receipts is Rs.38 lakhs..
Any case lae reg this.............
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In case of your first query, the answer would be as follows:
Sec 44AB uses the expression “total sales, turnover or gross receipts” in which the word “total” is used in relation to sales, turnover and gross receipts. This would refer to the total volume of all businesses of the assessee. Therefore for deciding the applicability of 44AB, turnover from all the business of the assessee should be considered. [Bajrang Oil Mills v ITO [2007] 163 Taxman 154(Raj.)]
It doesn’t make a difference whether the business are carried under different names, until the assessee is one and the same.
In case of second query
Once sec 44AB is applicable on either of the conditions being fulfilled, all the accounts are required to be audited.
06 March, 2010 by admin