2 type of business retail and supply Can we submit income from retail u/s 44AD and supply on the basis of audited accounts
accountant (member) (185 Points)
05 May 20162 type of business retail and supply Can we submit income from retail u/s 44AD and supply on the basis of audited accounts
Ruchi
(CA)
(1410 Points)
Replied 05 May 2016
No you cannot. Once section 44AB is applicable on one business, it will be applicable on all and you will have to get the accounts of both the business audited. It is assessee wise and not business wise.
accountant
(member)
(185 Points)
Replied 05 May 2016
Ok ! than what are meaning of point 12 in Form 3CD ?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 06 May 2016
form 3CD is audit report where all incomes are to be reported, including presumtive income which is covered even under sec 44AD
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