22 June 2023
If a person has 2 business 1st cloth business in which he avail 44AD his Turnover is less than 2 crore i.e 10 lakh and Profit is more than 8% i.e 1.2 lakh and another business is of F&O in which his turnover is 30 Lakhs and having loss of 3 Lakhs and he maintain book of account in case of F&O business did audit applicable?
26 June 2023
sir i am showing profit in cloth business but loss in F&O business however my total Turnover is 40 lakhs and has aggregate loss is 180000 ( 3 lakh loss-1.2 lakh profit) which is less than 8% profit even it is loss , still audit not applicable
26 June 2023
did separate business not consider? we showing profit in cloth business in which we opt 44AD and showing loss in F&O business and mainting book of account for F&O business, in F&O did 44AB(a) not aplicable?
26 June 2023
Unless you declare 2.4L profit in F&O and 6/8% profit in cloth business, i.e around 3.20 lakhs in aggregate (no loss c/f of F&O), tax audit gets attracted.
CAclubindia
