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Urgent - 44ae along with other business

Tax queries 704 views 2 replies

A PERSON IS RUNNING A BUSINESS WHICH IS AUDITABLE AS NET PROFIT IS BELOW 8%.

ALONG WITH THIS, HE HAS TRUCKS  FOR WHICH HE WANTS TO SHOW PRESUMPTIVE INCOME U/S 44AE....

DO WE HAVE TO SHOW TRUCK INCOME IN OUR AUDIT REPORT ??? OR JUST PREPARE THE AUDIT REPORT CONSIDERING BUSINESS 1 AND SHOW THIS INCOME AS WELL AS INCOME U/S 44AE IN THE ITR....????

IMMEDIATE REPLY IS VERY MUCH APPRECIATED.... THANX IN ADVANCE.....smiley

Replies (2)

" (c) "

If there are two separate business out of which one comes under audit .. you dont need to audit the other one also...

 

so i think you can audit one and take presumptive income u/s44e the other business income... but once consult with a exp. chartered....


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