Transport business

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Ramkrishna (Querist)
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14 December 2013 transporter having 12 vehicle. Turnover A.Y. 2013-14 amt to 95.00 lacs. profit before allowing depreciation is above 8 % percent and profit after depreciation is loss. not conducted audit. what will be the consequences?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 December 2013 As per Section 44AD(5) audit is not required in such a case where total income does not exceeds the taxable limit.
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Its a belated return, loss will not be allowed to be carried forward.
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Ramkrishna

Ramkrishna (Querist)
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16 December 2013 what if the above assessee is also having a trading business whose turnover is 95.00 lacs with prfoit above 8%?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 December 2013 Q- what if the above assessee is also having a trading business whose turnover is 95.00 lacs with prfoit above 8%?

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If a person owns more than 10 goods carriages Section 44AE is not applicable to him.
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In Such a case where the above assessee carries on two businesses having turnovers of Rs 95 lacs in each business, he is required to get his accounts audited as the total turnover exceeds the limit prescribed U/s 44AB(a).
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