audit U/s. 44AB & Sec. 44AE
This query is : Resolved
09 June 2010
Dear all
1. the Assesee is engaged in business of scrap having turnover of Rs. 2 Crores therefore audit U/s. 44AB is compulsory
2. the same assessee is also engaged in business of hiring of goods carriers. all the pre requisites of sec. 44AE (Presumtive taxation ) are satisfid.
3. so my query is, as audit u/s. 44 AB is assessewise & not businesswise then it is necessary to maintain books of accounts of hiring of goods carrier business which is otherwise not required by law
4.Does presumptive taxation sections e.g. 44AD, 44AE, 44AF etc. has overriding effect on Sec. 44AA & 44AB ( maintenance & audit of books ) ?
5. any citations will be appreciated
thanks
1. the Assesee is engaged in business of scrap having turnover of Rs. 2 Crores therefore audit U/s. 44AB is compulsory
2. the same assessee is also engaged in business of hiring of goods carriers. all the pre requisites of sec. 44AE (Presumtive taxation ) are satisfid.
3. so my query is, as audit u/s. 44 AB is assessewise & not businesswise then it is necessary to maintain books of accounts of hiring of goods carrier business which is otherwise not required by law
4.Does presumptive taxation sections e.g. 44AD, 44AE, 44AF etc. has overriding effect on Sec. 44AA & 44AB ( maintenance & audit of books ) ?
5. any citations will be appreciated
thanks
09 June 2010
Goto the following link for answer to a query similar to yours........
https://www.caclubindia.com/experts/44ab-tax-audit-of-2-separate-business-by-an-assessee-402085.asp
https://www.caclubindia.com/experts/44ab-tax-audit-of-2-separate-business-by-an-assessee-402085.asp
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