Whether tax audit required for both business and profession?

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IT ERET (Querist)
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17 October 2023 Business turnover is 15 Lac - 44AD complied. Professional turnover is 7 Lac- Profit 2 Lac only- 44ADA not complied (less than 50% of gross receipts-44ADA not eligible). Total turnover under the PAN is 22 Lac. Can we do 44AB for profession and adopt 44AD for business?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 October 2023 Tax audit not applicable in both the cases.

RAJA P M

RAJA P M (Expert)
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17 October 2023 Yes I agreed with Mr CA R SEETHARAMAN Sir, As per Your query Tax audit not applicable. But, the professional income must be u/s 44AA. otherwise profit will be declare 50% (or above)

IT ERET

IT ERET (Querist)
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17 October 2023 Sir, Kindly note that professional income is less than 50% of gross receipts. There fore Tax audit u.s. 44AB(d) applicable. In that case whether audit required for business also?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 October 2023 Audit not required for business as opted for 44AD.

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