funny

when the audit gets mandatory, then how the assessee can claim presumptive income?

now i can expect some more replies that ..............................for diff businesses held by an assessee, with diff turnover, he has to file one or diff incometax returns, and reply expected " different"

read the basic point, and understand how to fill up a return, whats the points to be considered to fill an income tax return, and you will get reply itself.

Ultimately the main question got two folds.

Question 1 is wether the assesse have different turnover from different business is liable for tax audit u/s 44AB.

another is how to claim presumptive taxation.

Both are different question and self explaned under the relevent provisions of the act.

We First take presumptive taxation.

Section 44AD and AE are effactive at this time and have overriding effect on section 28 to 43C.

For presumptive taxation Total Turnover or Gross Receipt has ceiling limit of Sixty lakh or below. and at exact Sixty Lakh or below section 44AB is not applicable.

But if you claim lower profit than specified in that sections then Section 44AB get switched on and even the Gross Limit is below 60 Lakh the assessee is required to get audit his books of accounts.

So presumptive taxation can be claimed on the eligible business.

Now question that if one business is having gross turnover exceeding Rs. 60 Lakh aggregating with another business having below 60 Lakh then whether both business required to be audit.

The Answer is Yes. Even in a Eligible Business Turnover below 60 Lakh or Business of running or hiring vehicle the assessee declared more income then required under relevent sections, Once he got within the sweep under section 44AB the audit will be done for every business.

Presumptive taxation not uder 44AD under 44AE. If an assessee has 44 AE even if the turnover exceeds 60 lakh he is not liable to tax audit if declared as per the specified rate. Even i know that if an assessee is liable to audit it cannot claim 44AD benefit.