18 September 2024
One of my client (Proprietor) is having manufacturing unit having turnover of 1.5 crores during F.Y. 2023-2024 and Business income is 5 lacs and the same is being audited under 44AD section. Also he has Commission Income of Rs. 25 lacs in addition to Income from manufacturing unit. Earlier the Commission was shown in Other income but from the current FY the same income is being assessed as Business Income as per Income tax. GST number is same for Both the Business.
My query is that Whether I can do audit of manufacturing unit under section 44AD and Commission income to be shown in ITR as other Business income . Whether that Business income (Commission income) can be shown unaudited in the ITR as Second business Income. Or Both the Business to be audited. Pl guide.
CAclubindia
