44AB

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2010 WHETHER 44AB APPLICABLE FOR THE FOLLOWING ?

IN CASE OF TWO OR MORE BUSINESS CARRRIED ON BY AN INDIVIDUAL, WITH SEPERATE BOOKS OF ACCOUNTS :

1. EACH BUSINESS SEPERATELY NOT CROSSING 40 LAKHS LIMIT BUT AGGREGATELY CROSSING RS.40 LAKHS LIMIT?

2. ONE OF THE BUSINESS CROSSING RS. 40 LAKHS LIMIT.

3.IF NO SEPERATE BOOKS OF ACCOUNTS MAINTAINED?

PLEASE REFER ANY SUPREME COURT CASE LAWS IF ANY?

Bimal Thacker

Bimal Thacker (Expert)
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06 January 2010 In all the above three cases Section 44AB is applicable.

CA. Rishabh Mittal

CA. Rishabh Mittal (Expert)
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06 January 2010 Need not to refer any supreme court case laws as their is no ambiguity in Income Tax itself. Section 44AB is applicable to Individual, irrespective of the fact that he is carrying one or two or more business. What relevant is the definition of turnover.

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