Section 44ab and section 44ad
This query is : Resolved
CA Dron Bharadwaj
(Querist)
06 September 2012
The assessee has a turnover of Rs.68 lakhs from ONE business. This business is being audited u/s 44AB.
He wants to show a net profit of Rs.8,00,000 u/s 44AD without maintaining books of accounts for the OTHER business.
Can he do so ?
Can he opt for presumptive taxation for one business, even if, he is liable to get his accounts audited u/s 44AB for the another business ?
He wants to show a net profit of Rs.8,00,000 u/s 44AD without maintaining books of accounts for the OTHER business.
Can he do so ?
Can he opt for presumptive taxation for one business, even if, he is liable to get his accounts audited u/s 44AB for the another business ?
Praveen Kumar Rathi
(Expert)
07 September 2012
Yes he can do so .
CA VISHNU GAVKARE
(Expert)
08 September 2012
No he can not do so as44AD Considers cumilative Turnover of all the business carried by the assessee.
Praveen Kumar Rathi
(Expert)
08 September 2012
Mr. VISHNU GAVKARE plz read guidance note issued by ICAI, page number 7 para 3.5.
Pankaj Kothari
(Expert)
08 September 2012
No, since the assessee's books are to be audited under 44 AB so no question of 44 AD
CA Mehta Ankur N.
(Expert)
28 September 2012
Agree with Pravin kumar rathi...
Section 44 AB or 44 AD is for business & not for any person...
Section 44 AB or 44 AD is for business & not for any person...
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