Applicability of sec 44ab
This query is : Resolved
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
Section 44AB is applicable on assessee and not on business therefore all the business done by the assessee will be taken together
if turnover of all business exceed 1 crore then assessee is liable for tax audit and he cannot file return under section 44AD
if turnover of all business exceed 1 crore then assessee is liable for tax audit and he cannot file return under section 44AD
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..
However, income of the both business will be clubbed... and then the limit for the section 44Ab will be checked..
31 October 2013
Agreed with above ans.
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