29 October 2013
Where an assessee has 2 businesses and turnover of each business is less than 1 crore rupees but the cumulative turnover of both businesses together exceeds 1 crore rupees, whether the assessee is luable to tax audit u/s 44AB? Or he can declare income u/s 44AD for each business??
29 October 2013
As per the provisions of section 44AB, one audit report for all the businesses is required. However in case different branches are audited by different auditors, the main auditor has to prepare a consolidated report considering the reports of all the branch auditors.
However, income of the both business will be clubbed... and then the limit for the section 44Ab will be checked..