Section 44 ab
This query is : Resolved
Jignesh Selarka
(Querist)
29 February 2012
If one person carries on two business, one is professional and second is trading business.
In professional the gross receipts is 1400000 and in trading business turnover is 5500000.
So my query is whether it is auditable under the section 44 AB or not?
In professional the gross receipts is 1400000 and in trading business turnover is 5500000.
So my query is whether it is auditable under the section 44 AB or not?
CA. B.SRINIVASULU
(Expert)
29 February 2012
44AB audit will be applicable since the professional receipt is more than Rs.12,00,000/-.
29 February 2012
Srinivas Ji
For professional's gross receipts should be > Rs.15,00,000/- to attract section 44AB.
For professional's gross receipts should be > Rs.15,00,000/- to attract section 44AB.
29 February 2012
Mr.Jignesh Ji
ICAI says both business and profession has to be audited. Page 25 of their June 2000 publication viz.,"Issues on tax Audit".
ICAI says both business and profession has to be audited. Page 25 of their June 2000 publication viz.,"Issues on tax Audit".
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