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Audit u/s 44AB
If an assessee has two businesses with a turnover of ₹1.90 Cr & ₹ 20 Lakhs, then is he required to get the accounts of both the businesses audited u/s 44AB?? Or he can opt for 44AD for the business having a turnover of ₹20 lakhs, and get the accounts of business having turnover of ₹1.90 cr audited??
Replies (5)
Multiple Business
The Aggregate ( Clubbing) sales, turnover and/or gross receipts of all Businesses ( ACIT v Dr K Satish Shetty) carried on by an assessee would be taken into consideration in determining whether the prescribed limit as laid down in section 44AB has been exceeded or not.
– Turnover is Assessee wise rather than Business wise
– Turnover of All Business Activities carried on by assessee is aggregated other than presumptive(44AD)
Yes, he can opt for 44AD for the business having a turnover of Rs.20 lakhs (provided eligible business), and get the accounts of business having turnover of Rs.1.90 cr audited.
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is of practically possible to include both presumptive provisions u/s 44AD and financial s with audit report u/s 44AB in the same return of income of same assessee for same AY
there is separate colum in the IT return, which ask for showing income included in p&l account which is chargable to tax on presumptive basis.
Whether person having turnober above 1 crore declaring profit u/s 44AD 8% above during F.Y. 2017-18, is liable to deduct tds during F.Y 2018-19?
no he is not liable to deduct tds since profit declared is more than 8% of turnover and claiming benefit under section 44AD
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