Applicabilty of Sec 44AB
This query is : Resolved
Ashish Agrawal
(Querist)
22 May 2010
Proprietorship Concern
Turnover of trading business 35 Lacs
Gross receipt of Hiring Business 15 Lacs
Whether liable to tax audit u/s 44AB ?
Turnover of trading business 35 Lacs
Gross receipt of Hiring Business 15 Lacs
Whether liable to tax audit u/s 44AB ?
Akbar Mirza
(Expert)
22 May 2010
If the both the business are running under the name of same proprietor then Tax audit u/s 44 AB shall be applicable.
But if both business are running under the name of different proprietor,then in both the cases Sec 44 AB shall not be applied, as income does not exceed 40L.
But if both business are running under the name of different proprietor,then in both the cases Sec 44 AB shall not be applied, as income does not exceed 40L.
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