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An individual having 2 business can opt 44ad for one business and tax audit for another

ARCHIT CHONGDAR (n.a) (63 Points)

14 September 2018

An Indivitual having 2 Business

Hotel business which is having Loss & Another Manufactoring Business having turnover of 15 Cr and profitable.

An Individual having 2 Business can opt 44AD Hotel Business and Tax audit for the manufactoring Business?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171267 Points)
Replied 14 September 2018

"An Individual having 2 Business can opt 44AD Hotel Business and Tax audit for the manufactoring Business?"

No.....

2 Like

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Divakar (Student CA Final ) (11857 Points)
Replied 14 September 2018

Nope... Return filings for assessee and not for business

2 Like

CA Raj Doshi (Practising CA) (8908 Points)
Replied 14 September 2018

Make combined profit and loss and if profit is less than sec 44AD , then undergo audit for the entire business ( Both the business ) .Else pay higher tax without doing audit.

1 Like

ASHOK GOYAL (CA) (22 Points)
Replied 15 September 2018

Hi
Professional income 18 lac net profit 16 lac and loss from future option 15 lac pls advise applicability of section 44AD and 44ADA.how to file return and whether tax audit will be for both together or only future and options part.