Applicability of tax audit
This query is : Resolved
gopi chand
(Querist)
30 August 2017
Hi friends,
I have have doubt about applicability tax audit in one case. The case is as below:
One person having sale of goods income is Rs.90,00,000/- and contract receipt income is Rs.12,00,000/-. If i combined these both amounts the receipts are exceeding Rs.1,00,00,000/-. If i opt 44AD for contract receipts income of Rs.12,00,000/- the 1 crore limit is not exceeding. Can i separate these both amounts for escaping from tax audit.
Please guide me.
I have have doubt about applicability tax audit in one case. The case is as below:
One person having sale of goods income is Rs.90,00,000/- and contract receipt income is Rs.12,00,000/-. If i combined these both amounts the receipts are exceeding Rs.1,00,00,000/-. If i opt 44AD for contract receipts income of Rs.12,00,000/- the 1 crore limit is not exceeding. Can i separate these both amounts for escaping from tax audit.
Please guide me.
CA R SEETHARAMAN
(Expert)
30 August 2017
You can opt for 44AD up to 2 crore hence opt for combined turnover. You can't opt for one business leaving one.
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