Urgent pls: regarding tax audit & presumptive taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 Dear Experts

Please clear "whether a assessee who has two(2) business viz. One is labour supply business and another is steel trading business....

Can he opt this option:
Declare income u/s 44AD for labour supply business & opt tax audit for Steel trading business????

Please also clarify "how the ITR will be filled in that situation"????

Thanks for solving query...

Mayur Agrawal

Mayur Agrawal (Expert)
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24 September 2011 No, he can not.

he has to get accounts audited for both business.

ITR has to be filed for both business after audit.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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25 September 2011 In This Case , The Total Turnover is to be Taken For Both.

Hence Tax Audit is applicable to Both.

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2011 But what will be the situation in the case when after clubbing both business turnover is below Rs 60 Lacs.

The assessee wish to get audited under one business & presumptive taxation under other business.....

can it be done?