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44AB

shivam (3354) (319 Points)

13 January 2011

hi, i would like to know that if an individual carrys 3 business and the total turnover of all of them exceeds 40 lacs then whether he is subject to audit u/s 44AB. in all the businesses he is proprietor

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8 Replies

n!tE$h GarG (CA Final) (216 Points)
Replied 13 January 2011

if any person carrying 3 different business then turnover of every separate business will be counted for sec. 44AB not overall turnover.

Manish Dokwal (STUDENT) (59 Points)
Replied 13 January 2011

Ageed with nitesh......Audit is applicable u/s 44AB

CA Shabeer (CA, M.com) (297 Points)
Replied 13 January 2011

yes, aggregate turn over of all business take in to consideration for the 44AB purpose.

But Sec 44AB got amended , Accordingly Books of accounts required to get audited only when Gross Receipt / Turn over exceeds Rs 60 L

Dheeraj (Learner) (1100 Points)
Replied 13 January 2011

the first thing is that the limit is now 60lac

and furthur for audit u/s 44AB, turnover is taken seprately for every business, so, not applicable to your case at all

shivam (3354) (319 Points)
Replied 13 January 2011

I am talking abt Assessment year 2010 - 11.

jithesh chandran.v.p (article assistant) (72 Points)
Replied 13 January 2011

U/S 44AB the limit is taken for seprately for each business, so it is not come under in this section and exempt from tax audit

CA Saba Naaz (Chartered Accountant) (8487 Points)
Replied 13 January 2011

Originally posted by : Dheeraj
	the first thing is that the limit is now 60lac and furthur for audit u/s 44AB, turnover is taken seprately for every business, so, not applicable to your case at all