income tax

dasd (Querist) 22 December 2009 This query is : Resolved

K

assessee (Mr A) has 5 business i.e. sorce of income
1. manufacturing cigrattes--35 lac
2. manufacturing toys---15 lac
3. retailer------40 lac
4. profession----38 lac
5. services (supporting)--4 lac

for calculating limit of 40 lacs whether all should be clubbed or only business of same nature should be clubbed & 3 audit reports should be prepared (1 for 2 manufacturing bs+1 for retail+1 for professon+servics)+(1 computation for all)?????????????????

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Vineet (Expert) 22 December 2009
Are you bypassing coaching classes through this plateform by asking hypothetical questions.

Anyway, audit provisions are in respect of assessee and not specisific business. So the entire turnover is clubbed and a single tax audit report is to be prepared and submitted.

alokraman (Expert) 22 December 2009
under income tax act 1961 there is no criteria to judge the limit by specific business .the word used is gross receipts not individual receipts .

Raj Kumar Makkad (Expert) 22 December 2009
I agree with Vineet

soumitra basu (Expert) 23 December 2009
In my opinion all the experts are corrrect in interpretation.

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