Respected forum members,
Regarding audit under section 44AD, could anyone please clarify whether an individual having both salary and business income (share trading) and getting his/her accounts audited due to provisions of section 44AD (loss from business) will have to include his/her PERSONAL assets (saving,deposits, house property,etc) as part of audit for the business under sec 44AD. Could you please throw some light on this?
From my understanding, only assets and liabilities pertaining to business must be included as part of balance sheet and P/L statement for the purpose of AUDIT report being prepared for business, while income from interest, dividend,etc from personal assets should be included only in the ITR-4 return in the appropriate section. Would you agree with this thought?
Regards
Kiran
CAclubindia
