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Section 44ab and section 44ad

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(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 ?
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Praveen Kumar Rathi

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Praveen Kumar Rathi (Expert)
07 September 2012 Yes he can do so .
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CA VISHNU GAVKARE

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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.
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Praveen Kumar Rathi

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Praveen Kumar Rathi (Expert)
08 September 2012 Mr. VISHNU GAVKARE plz read guidance note issued by ICAI, page number 7 para 3.5.
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Pankaj Kothari

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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
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CA Mehta Ankur N.

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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...
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