Audit u/s 44ab

This query is : Resolved

Anil Kanojiya (Querist)
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03 April 2013 An assessee has two businesses, one has turnover of Rs. 99 lakhs and other has turnover of Rs. 5 lakhs. Will it be covered under tax audit or not?

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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03 April 2013 For calculation turnover for tax audit all all businesses carried on by an assessee should be taken.

However the business is covered by sections 44AD, 44AE and opts for the same the turnover thereof shall be excluded.

Therefore total turn over exceeded the limit of Rs.1 crore-The assessee is covered under tax audit