26 September 2011
Dear experts i am bit confused regarding a situation i am facing....
One of my client having two(2) separate business, the turnover of which are as under: Business One Rs. 20 Lacs Another Business Rs. 22 Lacs
So after clubbing both, the total turnover is Rs. 42 Lacs.
The assessee wish to declare in business one more then 8% NP under presumptive taxation scheme & at the same time wish to declare lower income i.e below 8% for another business and ready for Tax Audit U/s 44AB.
So whether this option can be opted: Business One : 44AD Another Business : 44AB
Further wish to know, how the ITR will be filled in that case?
Please reply urgently as the audit period is close and need to final it.
Thanks for the advice
NOTE PLS: Some experts are advising incomplete and left in the middle, so request to clarify in detail with suggestion.
26 September 2011
You can file as desired by the Client. The applicale form would be itr 4. In ITR 4 u have to fill the P & L for the business which is claiming less than 8% profit. for the other business u have to fill up the last portion of PL i.e gross receipts, GP, Expenses & NP pnly. Under sch BP u have to show the total profit of both. Under the colum which asks for amount of profit included in above under 44AD/AE etc, u have to show the profit of Business under 44AD. Again in BS yo have to fill full balance sheet for Business which is audited and the last portion for business which is under 44AD i.e S Crs, S drs, Stock and Cash Hope this is clear
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