Turnover of 2 businesses in sec. 44ab

Pawan Mittal (CA Final) (702 Points)

20 March 2013  

The limit of Rs. 1 crore u/s 44AB for A.Y. 2013-14 is assessee wise or business wise? I mean if a person is running 3 businesses and having turnover of Rs. 40 lacs from each busines, whether he is required to get his accounts audited u/s 44AB? Because his aggregate turnover exceeds the limit of Rs. 1 crore.

If a person is carrying on one medical shop in Jaipur and another medical shop in Jodhpur with different names than will these be called different businesses?

If a person is trading in Sarees in ground floor and trading in furniture in first floor in the same building with the same name, can these be called different businesses?


Can a person covered u/s 44AD make payment exceeding Rs. 20000 by cash?


Please support your answer with suitable case laws or provisions of income tax act.