Audit u/s 44ad

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Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 One Persons have a two business with different firm name. and turnover of one firm is 90 lacs & other firm is 15 lacs.
should he liable to tax audit u/s 44AD??? As combined turnover is more than specifed limit. i.e. 1 Crore

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 September 2013 Yes, as the assessee's total turnover exceeds in eligible businesses by Rs 1.00 cr., Tax Audit is applicable.
.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 Thank you.
And if he is doing jobwork. after deducting rate difference his total turnover is less then 1 crore. then should he liable to tax audit???

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 September 2013 Then he has to pay tax at higher side. The amount arrived after adjusting the rate difference will be considered as turnover.
for the purpose of Section 44AB.
.
You may also refer The Guidance Note of ICAi on Tax Audit.
.

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