TAX AUDIT U/S.44AB & 44AD
This query is : Resolved
23 September 2019
Any expert please clarify:
An Assessee havingnTWO seperate Businessess- one having TO more than 2 Crores-So Audit u/s.44AB mandatory. Another having TO less than 50 lakhs and opted Presumptive Tax @ 8% on TO. How to show these in P&L and Balance Sheet Data entry? And also in Form #CD for the AY-2019-20?
Thanks in Advance.
An Assessee havingnTWO seperate Businessess- one having TO more than 2 Crores-So Audit u/s.44AB mandatory. Another having TO less than 50 lakhs and opted Presumptive Tax @ 8% on TO. How to show these in P&L and Balance Sheet Data entry? And also in Form #CD for the AY-2019-20?
Thanks in Advance.
23 September 2019
44AB mandatory for both business combined. Not allowed to opt one business alone under 44AD and other under 44AB.
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