Tax Audit U/S 44AB
This query is : Resolved
Hitendra K. Agrawal
(Querist)
20 March 2008
1) Suppose person carried on more than one business then whether turnover from all this bussiness should be calculated seperately or otherwise.
2) Suppose Person engage himself in both i.e. a) carried on bussiness
b) Profession
then what would be for tax audit Criteria.
i.e. whether seperately or otherwise.
Please support your answer.
2) Suppose Person engage himself in both i.e. a) carried on bussiness
b) Profession
then what would be for tax audit Criteria.
i.e. whether seperately or otherwise.
Please support your answer.
20 March 2008
if both the businesses are assessed separately ,then 40lakh for each business apllies separately, otherwise collectively.
Chintan Gajjar
(Expert)
21 March 2008
1) If a person is proprietor in more than one firm then the sale amount of all such firms are to be consolidated and after that you can checkout whether the person fall u/s 44AB or not.
2) If both income are shown under the head of Business & Profession then appyly limit of 40 lacs for Business Income i.e. Sale Limit and 10 Lacs for Profession Income i.e. Professional Receipt Limit
2) If both income are shown under the head of Business & Profession then appyly limit of 40 lacs for Business Income i.e. Sale Limit and 10 Lacs for Profession Income i.e. Professional Receipt Limit
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