Audit under sec 44ab
This query is : Resolved
29 December 2015
Dear members,
please answer if assessee has 2 bussiness one is trading readymade garments another is trading in property .
in first business he has turnover more than 1.00 crore and in the second business the turnover was less than 1 crore.
in second business he want to disclose income 8% as per sec 44 AD
In first one he want make audited his account under sec 44AB
Please suggest can he do so.
is the limit of turnover applicable assesse wise or independent business wise.
please answer if assessee has 2 bussiness one is trading readymade garments another is trading in property .
in first business he has turnover more than 1.00 crore and in the second business the turnover was less than 1 crore.
in second business he want to disclose income 8% as per sec 44 AD
In first one he want make audited his account under sec 44AB
Please suggest can he do so.
is the limit of turnover applicable assesse wise or independent business wise.
29 December 2015
The Turnover of both the business eill be clubbed.
29 December 2015
sir please provide basis of your answer
29 December 2015
he can do so, but for tax audit purposes, turnover of both the business shall be considered and accordingly tax audited.
29 December 2015
This view is based on ICAI’s Guidance Note on Tax Audit as well as the decision of Honourable High Courts in case of Bajrang Oil Mills (Raj.) 295 ITR 314 and in K. Satish Shetty (Kar.) 310 ITR 366.
But if you want to take advantage of turnover of two business then you must have a strong ground to face the litigation.
But if you want to take advantage of turnover of two business then you must have a strong ground to face the litigation.
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