Turnover under sec 44ab
This query is : Resolved
25 August 2013
MY CLIENT IS RUNNING TWO BUSINESSES.ONE A MANUFACTURING CONCERN WITH TURNOVER OF 75LAC
FOR THE FY 2012-2013.THE OTHER CONCERN DEALING IN REALESTATE TRANSACTIONS HAVING GROSS RECEIPTS OF 38 LACS FOR THE SAME FY.IF SEC 44AD ADOPTED FOR THE MANUFACURING BUSINESS,WHETHER 44AB APPLIES .
WHETHER 44 AD CAN BE ADOPTED FOR BOTH THE BUSINESSES.KINDLY SHARE.
FOR THE FY 2012-2013.THE OTHER CONCERN DEALING IN REALESTATE TRANSACTIONS HAVING GROSS RECEIPTS OF 38 LACS FOR THE SAME FY.IF SEC 44AD ADOPTED FOR THE MANUFACURING BUSINESS,WHETHER 44AB APPLIES .
WHETHER 44 AD CAN BE ADOPTED FOR BOTH THE BUSINESSES.KINDLY SHARE.
25 August 2013
Yes 44AD can be adopted in both business in my view.
Message likes :
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26 August 2013
THANKS.BUT WHETHER 44AD CAN BE APPLIED FOR MORE THAN ONE BUSINESS,AS THE SECTION IMPLIES A SINGULAR BUSINESS.IF I ADOPT 44AD FOR THE SAID MANUFACURING BUSINESS HAVING A TURNOVER OF 75 LACS ,WHETHER I CAN ADOPT 44AB FOR THE OTHER BUSINESS HAVING A TURNOVER OF 38 LACS,SHOWING INCOME BELOW 8%
26 August 2013
Sec 44AB is for checking whether tax audit is applicable or not and not for adopting as wrongly mentioned by u.
All the business income will be clubbed together for taking 8% u/s 44AD.
All the business income will be clubbed together for taking 8% u/s 44AD.
26 August 2013
I THANK YOU ONCE AGAIN.I AM USING THE WORD ADOPT IN THE SENSE WHETHER BY SHOWING INCOME BELOW 8% ON THE TURNOVER OF THE REAL ESTATE BUSINESS BY SUBJECTING THE BUSINESS TOTAX AUDIT U/S.44AB.THE INCOME FROM MANUFACURING BUSINESS AT THE RATE OF 8% WILL BE ADDED AND THE TOTAL OF THE TWO WILL BE INCOME FROM BUSINESS.IS IT OK.
26 August 2013
first u add all the business income and then take 8% on the aggregate of such business income and you cannot invoke 8% for 1 business and some thing diffrent for other business for both business only 1 treatment is to be given as i told you first add them and take 8% of the aggregate u/s 44AD.
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