Tax audit

Querist : Anonymous (Querist) 08 September 2011 This query is : Resolved
I am having three proprietorship firms engaged in three different nature of businesses. I would like to know whether the cumulative turnover of all the three businesses would be taken in consideration or will the limit be applicable to each of the firms separately while computing the limit prescribed u/s 44AB.

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R.Ramachandran (Expert) 08 September 2011
Only if any one of the three proprietorship businesses that you conduct happen to be business of civil construction or supply of labour for civil construction, the same will be excluded, otherwise the turnover from all the business will be clubbed together for the purpose of requirement of applicability of Section 44AB.

Raj Kumar Makkad (Expert) 08 September 2011
You are proprietor of all 3 businesses so the turnover from all the business will be clubbed together for the purpose of requirement of applicability of Section 44AB.

Shailesh Kr. Shah (Expert) 08 September 2011
I agree with Mr. R Ramachandran.
If the nature of business is different to each other and books of account maintained separately.Then the limit be applicable to each of the firms separately while computing the limit prescribed u/s 44AB.

prabhakar singh (Expert) 09 September 2011
EXPERTS HAVE RIGHTLY OPINED.

Sadashiv Rupchand Gaikwad (Expert) 10 September 2011
If your Gross turnover is more than 60 Lacks in FY 01.04.2010 to 31.03.2011audit is compulsory for non professional entity.

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