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Whether a person can opt to tax audit a business whose gross receipts exceed 2 crores and opt for presumptive income @ 8% for another business having gross receipts of 20 lakhs?
This is for AY 17-18
Replies (15)
yes he can do so. in such case he will need to file separate returns on 31st July and 30th September
Where have been you these days?
How is that possible to file two separate returns for an individual?
yes he can. say in case of a CA who is employed as a lecturer in a college and also carrying on his practice. say he is liable to tax audit in case of his CA practice. now he wud be required to file his return fir his income from salary on 31st July and fir his professional income which is subjected to tax audit return wud be filed on 30th September
there is a rule of saparate legal entity every business have there saparate pan but if it is subsidery company then it have to be audited if holding is audited under it act ...
Rule for tax audit if gross receipts more than 2cr in respect of all earnings for professional it is 5000000 rupee for each pan no
It is not possible for an individual to file separate returns in a financial year. Moreover it is not possible that separate PAN numbers can be taken for two businesses of a proprietor.
Further as one business has exceeded the limits of 44AB , tax audit has to be conducted for both the businesses. Adopting 44AD is not possible.
Further as one business has exceeded the limits of 44AB , tax audit has to be conducted for both the businesses. Adopting 44AD is not possible.
i think u cant file 2 different returns....but u have to compulsorily opt for tax audit as the gross receipt of 2 crores
@ Giridhar Karandikar
Can you please explain in detail how to file two seperate Income tax return for a financial Year by an individual
Dear Friends...
No more thinking about the query...
No way for two returns in case both business is one PAN as proprietor....
but what if a CA is employed as a lecturer and is also subjected to tax audit. can he file his salary return on 30th September?
Yes he should only file on 30th September if he is subject to tax audit.
Yes. He is under Tax Audit. So, He file his return on or before 30th September. He is showing his salary in salary head. That's all...
is there any provision under the act. please provide required link
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