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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- EXPORT COMMERCIAL INVOICE HSN CODE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
