10 August 2013
THE ASSESEE IS CARRIYING ON TWO BUSINESS. SINCE THE PROFIT OF FIRST BUSINESS DOES NOT EXCEED 8% OF GROSS RECEIPTS OR TURNOVER OR SALES. WHERE AS THE GROSS PROFIT OD SECOND BUSINESS EXCEED 8% OF GROSS RECEIPTS OR SALES OR TURNOVER.THE TURNOVER , SALES OR GEOSS RECEIPTS OF BOTH BUSINESS TAKEN TOGETHER DOES NOT EXCEED SIXTY LAKH RUPEES.WHETHER ASSESS CAN OPT SECTION 44AD FOR ONE BUSINESS AND GET ACCOPUNT AUDITED AND DECLARE 8% OF GROSS RECEIPTS AS INCOME FROM BUSINESS AND PROFESSION IN RESPECT OF SECOND BUSINESS.
10 August 2013
In respect of all the businesses, the assessee can ,either- 1. Show Profit @ 8% Turnover or 2. Get Accounts audited and show the real profit. . There is no option available now as regards - audit of only one business. .
21 August 2013
Surprisingly 44AD covers the section 44AB. . . These are funniest provisions in the Income Tax Act. . . Firstly assessee assumes that he is not required to get his accounts audited and thus he doesn't maintain the books properly. . . At the end of the year; when he finds that profits are lesser than presumed by him as well as presumed by the Income-Tax Department (means both are at one and same stage); the CA says him to get the books audited! . . Now one will go back and then will come forward. . . Better he carry two business in two different names i.e. individuals. So simple to understand. .
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