Tax audit u/s 44ab
This query is : Resolved
09 July 2015
There are three business of an assessee
B-1 Turnover from manufacturing - 40lacs
B-2 Turnover from manufacturing - 30lacs
B-3 Turnover from retail trading - 40lacs.....u/s 44AD the assessee has offered 8% of turnover as income for B-3
will 44AB be applicable in this case as the turnover excluding 44AD business does not exceed 100 lacs?
09 July 2015
In this case 44AD will not be applicable. 44AB will apply.
09 July 2015
Dear if assessee is an individual the the total sales from all the businesses will be clubbed to check the limit of Rs.100 lacs.
If aggregate sales exceeds Rs.100 lacs then 44ab will apply.
If aggregate sales exceeds Rs.100 lacs then 44ab will apply.
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