Section 44 ab

This query is : Resolved

Jignesh Selarka (Querist)
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29 February 2012 If one person carries on two business, one is professional and second is trading business.
In professional the gross receipts is 1400000 and in trading business turnover is 5500000.
So my query is whether it is auditable under the section 44 AB or not?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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29 February 2012 44AB audit will be applicable since the professional receipt is more than Rs.12,00,000/-.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 February 2012 Srinivas Ji

For professional's gross receipts should be > Rs.15,00,000/- to attract section 44AB.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 February 2012 Mr.Jignesh Ji
ICAI says both business and profession has to be audited. Page 25 of their June 2000 publication viz.,"Issues on tax Audit".