Whether in case of same assessee having two business, one can be covered under tax audit u/s 44AB and another with onther name ,under Tax Audit u/s 44AD?
Tax audit
Replies (2)
| Originally posted by : Junaid | ||
 |
Whether in case of same assessee having two business, one can be covered under tax audit u/s 44AB and another with onther name ,under Tax Audit u/s 44AD? |  |
Yes, it is possible.
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In cases where the assessee carries on more than one business activity, to determine the prescribed limit of tax audit, i.e. Rs. 1 crore:
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- Turnover of business covered by section 44AD/44AE shall be excluded.
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- Otherwise, the turnover of all business activities should be clubbed together.
totally agreed with Mr. Deepak,
To Add:
anyone can not adopt 44AD if his turnover exceed 1 cr. from that business.
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