All about 44ad
This query is : Resolved
09 July 2012
A sole proprietor is having 3 businesss :
Business A : Turnover 15lac
Business B : Turnover 10lac
Busoness C : Turnover 20lac
all of the above are eligible businesses.
now whether he has to show profit 8% on aggregate turnover i.e on 45lacs or individually he has to show profit @ 8%? suppose in one business he want to show less than 8% profit but in aggregate it will be 8% on 45lacs , so whether he has to conduct audit ?
Business A : Turnover 15lac
Business B : Turnover 10lac
Busoness C : Turnover 20lac
all of the above are eligible businesses.
now whether he has to show profit 8% on aggregate turnover i.e on 45lacs or individually he has to show profit @ 8%? suppose in one business he want to show less than 8% profit but in aggregate it will be 8% on 45lacs , so whether he has to conduct audit ?
09 July 2012
take aggrigate
09 July 2012
Limit of sec 44AD shall be considered for the multiple business as a whole.i.e 8% of 45 Lacs.As per your case, you have shown 8% on 45Lacs.you have fulfilled the requirement u/s 44AD so There is no need to get account audited.
09 July 2012
But in that section "business" word has been used so shows only one business?
10 July 2012
This is the case of multiple business. This situation is practical So my dear, Please consider all business as a whole.If assessee is running multiple eligible
businesses, having different methods of Accounting, turnover of all those businesses shall be determined as per method of accounting regularly employed for respective businesses.
Further the turnover so determined shall be clubbed to determine whether limit of 60 lakhs gets exceeded.
businesses, having different methods of Accounting, turnover of all those businesses shall be determined as per method of accounting regularly employed for respective businesses.
Further the turnover so determined shall be clubbed to determine whether limit of 60 lakhs gets exceeded.
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