Sec 44ab
This query is : Resolved
14 December 2012
As per article published in the student journal (ICAI) of octomber 2012, Sec 44AB makes provision of tax audit of accounts related to both Business and Profession in case if turnover eceeds specified limit of either in business or profession.
In my view this provision is illogical that if turnover either of business and profession of assessee exceeds specified limit then Sec 44AB attracts to both Business and profession of assessee. In case if assessee has limited turnover of profession and higher turnover of business then it will hardship to assessee that he will have to get his accounts audited of both business as well as profession.
Is my view is correct ??? plz advice and kindly refer article published in student journal (Octomber,2012) by ICAI.
In my view this provision is illogical that if turnover either of business and profession of assessee exceeds specified limit then Sec 44AB attracts to both Business and profession of assessee. In case if assessee has limited turnover of profession and higher turnover of business then it will hardship to assessee that he will have to get his accounts audited of both business as well as profession.
Is my view is correct ??? plz advice and kindly refer article published in student journal (Octomber,2012) by ICAI.
16 December 2012
as per my view limits are diff for business and profession so both need not clubbed but more than one business needs to be clubbed to calculate the limit.
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