Audit u/s 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 One Persons have a two business with different firm name. and turnover of one firm is 90 lacs & other firm is 15 lacs.
should he liable to tax audit u/s 44AD??? As combined turnover is more than specifed limit. i.e. 1 Crore

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

05 September 2013 Yes, as the assessee's total turnover exceeds in eligible businesses by Rs 1.00 cr., Tax Audit is applicable.
.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 Thank you.
And if he is doing jobwork. after deducting rate difference his total turnover is less then 1 crore. then should he liable to tax audit???

Upgrade to CAclubindia Pro. Subscribe Now!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

05 September 2013 Then he has to pay tax at higher side. The amount arrived after adjusting the rate difference will be considered as turnover.
for the purpose of Section 44AB.
.
You may also refer The Guidance Note of ICAi on Tax Audit.
.

Message likes : 1 times