Tax Audit in Case of Multiple Proprietory Businesses
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Vicky Enrique
Oct 4, 2016, 3:20:58 AM10/4/16
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An assessee named Mr. A is a proprietor of two businesses namely
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M/s A Services & Co. & M/s A Marketing & Co. with turnover Rs 1.2 Cr & Rs 24 lakh respectively.
Will the accounts have to be merged for the purpose of Tax Audit or tax audit will only apply to the business with turnover of more than one crore.
Also, shall the accounts of both businesses be required to be merged for ITR IV purpose ?
How shall Tax Audit & ITR be in line with each other.
Solicit your views on the same.
Bikas Chandra Saha
Oct 5, 2016, 1:25:55 AM10/5/16
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Dear Sir,
Tax Audit to be carried out separately for each business and TAR and ITR 4 to be uploaded with Merged Accounts.
Thanks
On Tue, 04 Oct 2016 12:50:41 +0530 Vicky Enrique wrote
>An assessee named Mr. A is a proprietor of two businesses namely M/s A Services & Co. & M/s A Marketing & Co. with turnover Rs 1.2 Cr & Rs 24 lakh respectively.
Will the accounts have to be merged for the purpose of Tax Audit or tax audit will only apply to the business with turnover of more than one crore.
Also, shall the accounts of both businesses be required to be merged for ITR IV purpose ?
How shall Tax Audit & ITR be in line with each other.Solicit your views on the same.
--
--
>
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Bikas & Associates
Chartered Accountant
Nagarukhra Road, 1st Floor
Habra, North 24 PGS
PIN-743263
M-9434227944, 7384308960
Tax Audit to be carried out separately for each business and TAR and ITR 4 to be uploaded with Merged Accounts.
Thanks
On Tue, 04 Oct 2016 12:50:41 +0530 Vicky Enrique wrote
>An assessee named Mr. A is a proprietor of two businesses namely M/s A Services & Co. & M/s A Marketing & Co. with turnover Rs 1.2 Cr & Rs 24 lakh respectively.
Will the accounts have to be merged for the purpose of Tax Audit or tax audit will only apply to the business with turnover of more than one crore.
Also, shall the accounts of both businesses be required to be merged for ITR IV purpose ?
--
--
>
forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
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Bikas & Associates
Chartered Accountant
Nagarukhra Road, 1st Floor
Habra, North 24 PGS
PIN-743263
M-9434227944, 7384308960
Abhijit Tekriwal
Oct 6, 2016, 2:33:41 AM10/6/16
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Only that business whose gross receipts cross 44AB limit is required to be mandatory audited.
Other firm of same proprietor need not be audited if the proprietor is OK with 8% income.
In ITR 4, we have two sections, one for those business where books are maintained and other for cases where books not maintained.
Both the sections can be filled up simultaneously.
Hope this resolves ur issue.
CA Abhijit Kumar Tekriwal
Jharsuguda, Odisha
9437034394
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NIRMAL KAUSHIK
Oct 6, 2016, 2:43:23 AM10/6/16
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A PROPRIETOR MAY HAVE MORE THAN TWO PROPRIETORY BUSINESS ,ADDITIONALY ONE MAY HAVE BUSINESS INCOME IN PERSONAL NAME,NAMELY COMMISSION ETC, ONE ITR-4- ONE TAR HAVING REFERENCE OF ALL BUSINESS INCOME AND CONSOLIDATION OF ALL BUSINESS ACCOUNTS REQD , HOWEVER
SEPARATE FINAL ACCOUNTS BE MAINTAINED
From: bikass...@rediffmail.com <bikass...@rediffmail.com> on behalf of Bikas Chandra Saha <bikass...@rediffmail.com>
Sent: 04 October 2016 20:18
To: foru...@googlegroups.com
Subject: Re: [CA RUNGTA PD] Tax Audit in Case of Multiple Proprietory Businesses
Sent: 04 October 2016 20:18
To: foru...@googlegroups.com
Subject: Re: [CA RUNGTA PD] Tax Audit in Case of Multiple Proprietory Businesses
Ritesh Sipani
Oct 7, 2016, 1:39:27 AM10/7/16
to NIRMAL KAUSHIK
.xn
Sent from my BlackBerry 10 smartphone.
Madhusudan Agrawal
Oct 13, 2016, 3:29:31 AM10/13/16
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Dear Friend,
In my opinion separate TAR should be filed as the TAR is to be filed by the concerned CA for the audit done by him only. Moreover in one PAN you have the facility to file multiple TAR by adding separate CA(s) also.
Regards..
CA. Madhusudan Agrawal
Chartered Accountants
Mobile. No. 9861342978
--------------------------------------------
Date: Wednesday, 5 October, 2016, 11:11 AM
A PROPRIETOR MAY HAVE MORE THAN TWO PROPRIETORY BUSINESS
,ADDITIONALY ONE MAY HAVE BUSINESS INCOME IN PERSONAL
NAME,NAMELY COMMISSION ETC, ONE ITR-4- ONE TAR HAVING
REFERENCE OF ALL BUSINESS INCOME AND CONSOLIDATION OF ALL
BUSINESS ACCOUNTS REQD , HOWEVER
SEPARATE FINAL ACCOUNTS BE MAINTAINED
In my opinion separate TAR should be filed as the TAR is to be filed by the concerned CA for the audit done by him only. Moreover in one PAN you have the facility to file multiple TAR by adding separate CA(s) also.
Regards..
CA. Madhusudan Agrawal
Chartered Accountants
Mobile. No. 9861342978
--------------------------------------------
On Wed, 5/10/16, NIRMAL KAUSHIK <nirmal...@hotmail.com> wrote:
Subject: Re: [CA RUNGTA PD] Tax Audit in Case of Multiple Proprietory Businesses
To: "foru...@googlegroups.com" <foru...@googlegroups.com>
Subject: Re: [CA RUNGTA PD] Tax Audit in Case of Multiple Proprietory Businesses
Date: Wednesday, 5 October, 2016, 11:11 AM
A PROPRIETOR MAY HAVE MORE THAN TWO PROPRIETORY BUSINESS
,ADDITIONALY ONE MAY HAVE BUSINESS INCOME IN PERSONAL
NAME,NAMELY COMMISSION ETC, ONE ITR-4- ONE TAR HAVING
REFERENCE OF ALL BUSINESS INCOME AND CONSOLIDATION OF ALL
BUSINESS ACCOUNTS REQD , HOWEVER
SEPARATE FINAL ACCOUNTS BE MAINTAINED
Atul Mehta
Oct 13, 2016, 3:42:31 AM10/13/16
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Dear Sir
I differ with the opinion
In my view it is PAN based TOTAL Turnover
others may give their inputs
Regards
"A.P. MEHTA & ASSOCIATES"
Proprietor (CA-ATUL MEHTA)
39-B, Chakraberia Road (South), Kolkata: 700 025
Mobile: +91 9830027784, Office: +033 40717187
Only that business whose gross receipts cross 44AB limit is required to be mandatory audited.
Other firm of same proprietor need not be audited if the proprietor is OK with 8% income.
In ITR 4, we have two sections, one for those business where books are maintained and other for cases where books not maintained.
Both the sections can be filled up simultaneously.
Hope this resolves ur issue.
On 4 Oct 2016 12:50, "Vicky Enrique" <vickyen...@gmail.com> wrote:
An assessee named Mr. A is a proprietor of two businesses namelyM/s A Services & Co. & M/s A Marketing & Co. with turnover Rs 1.2 Cr & Rs 24 lakh respectively.Will the accounts have to be merged for the purpose of Tax Audit or tax audit will only apply to the business with turnover of more than one crore.Also, shall the accounts of both businesses be required to be merged for ITR IV purpose ?How shall Tax Audit & ITR be in line with each other.Solicit your views on the same.--
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Ashok Kumar Agarwal
Oct 13, 2016, 4:14:09 AM10/13/16
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CA. Ashok Kumar Agarwal
Jagdish Ashok & Co
Chartered Accountants
304, Elgin Chambers
1-A Ashutosh Mukherjee Road
Kolkata- 700 020
Mobile: +91 98305 02410
NOTE :
A STEP TO SAVE OUR ENVIRONMENT FOR NEXT GENERATION : THINK BEFORE PRINTING THIS MAIL.
From: 'Atul Mehta' via forum4ca
[mailto:foru...@googlegroups.com]
Sent: 06 October 2016 13:19
To: foru...@googlegroups.com
Subject: Re: [CA RUNGTA PD] Tax Audit in Case of Multiple Proprietory
Businesses
Dear Sir
Manish Didwania
Oct 14, 2016, 11:07:36 PM10/14/16
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Dear Members
In view Sec. 44AB specifies if the gross receipts under the head business exceeds 1.00 cr. Hence it would be advisable to get audit all the business and upload thw merged accounts in ITR 4. As the ITR is for individual assessee.
On 4 Oct 2016 12:50, "Vicky Enrique" <vickyen...@gmail.com> wrote:
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