Query For Tax Audit

Rajesh B Shah (Querist) 22 September 2010 This query is : Resolved
Hi,
If an individual assessee has received income from partnership firm (i.e. Profit & Remuneration) is Rs.89,76,000/-, other income from proprietorship business is Rs.9,00,000/- and his total income is Rs.98,85,878/- then should he liable for tax audit ?

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R.Ramachandran (Expert) 22 September 2010
Since the partnership account is already subjected to tax audit, and the proprietorship business income has not crossed the threshold limit, no tax audit would be necessary, in the fact situation presented by you.

Raj Kumar Makkad (Expert) 22 September 2010
I agree with Ramachandran.

Surrender K Singal (Expert) 23 September 2010
If the turnover of Proprietorship business is above 40/60 lacs, then it has to be Audited and Partnership business would already been audited, there is no other Audit of the individual per se;

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