A person having two business. In financial year 2020-2021 the business income was shown under section 44AD. In financial year 2021-22 the cumulative turnover of both the business exceeds Rs. 2 Crore.
Now my question is that whether the person can show the income under section 44AD as the business turnover of the both the business are less than two crore or tax audit to be done.
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Tax Audit of two business
Replies (1)
Sec. 44AD is not eligible.
Normal assessment only applicable..
For tax audit applicability refer sec. 44AB(a) of the act...
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