If one assessee have two business..
details of same are as follows :
1) Business A turnover is Rs. 80 Lacs.
2) business B turnover is Rs. 40 Lacs.
If Assessee opts presumptive Income u/s 44AD for business B and shows the 8% income and In business B he suffers the loss? Then will he be subject to tax Audit or not, On the basis his total turnover exceeded 1 Crore? Or will he be exempt from audit liability on the basis that he has selected one business under deeming section 44AD? reply ASAP PLZ.
What Would be the consequences if he want to opt 8% income for both business under Section 44AD?
And what if his Total turnover from all the business is Rs. 90 Lacs and he maintained the books of accounts and his books of account shows the loss of Rs. 100000/- and he has no other income under any other head of Income tax.... Will he be subject to Tax Audit?
P.S : Assessee is an eligible assessee within the mening of section 44AD.
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