Sec 44AB in case sales less than 40Lac

This query is : Resolved

CA Sahil Singla.. (Querist)
Follow

28 March 2011 Sir

In case of Individual, having the business firms in which he is partner. In case of one of the firm Sec 44AB is applicable since sales exceed 40 lac during 2009-10. But in the same year Turnover of other business firm does not exceed 40lac.plz tell me if Sec 44AB is applicable to this firm also.

CA Navin Jain

CA Navin Jain (Expert)
Follow

28 March 2011 IN THE CASE OF INDIVIDUAL, TURNOVER OF THE ALL BUSINESS WILL BE CONSIDERED AS COMBINED FOR THE APPLICABILITY OF SEX 44AB.

IN THE YOUR CASE ONLY ONE TAX AUDIT IS REQUIRED FOR BOTH BUSINESS