Applicability of audit provisions u/s 44ab

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.

 

Replies (1)

1.For determining tax audit applicability turnover of both businesses(A&B) to be clubbed so in that case gross turnover is Rs. 1.20 creortes therfore tax audit is applicable.but at the same time presuimptive income declaration in respect of business B can be opted for ....

2.Loss is not be seen at all while determing Tax audit applicablity...

3.Audit exemption is not allowed even if presumptive income opted for 1or more businesses....so the moment total turnover of the assessee(from all businesses is 1 creores or more) tax audit attracted...

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