Section 44 ab of income tax act 1961

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Goutam Jain (Querist)
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18 September 2011 A person has two propietory concerns (bsiness) . One has 65 lakhs turnover and other has 35 lakhs. Whether the provision under section 44 AB of income tax act 1961 will applicable on the concern having turnover 35 lakhs.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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18 September 2011 Same question is asked by so many peoples every day.

Its very simple rule that turnover for sec 44AB is considered assessee wise hence clubbing of all business turnover to be seen for Tax Audit.