Dear sir
assessee has two business and the aggregate turn over is below 1 crore . one business has profit more than 8% of turn over and other one has profit at 3% of turnover of respective business. is both business are liable for audit under 44 Ab . in ITR both business are shown as normal business and not under 44 AD the 8% profit business also . whether CA has to sign both b/s & p&l & audit report
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Tax audit
Replies (8)
Hi sowmay,
Bizness is separatet from owner and hence as individual biz they wont cross one crore limlit individualy Therefore tax audit not aplicable.
But one business is showing less than 3% of gross profit for that biz aidit as required and ca sign is required on balancesheet. Further you can file itr4s for the other biz which has more than 8%.
if the profit for a bisines is less than 8% then it should undergo compulsory audit.if the 2 business of the assesee are of same nature & its status is proprietorship then the limit 1Cr may applicable.
A consolidated P/l n Balance Sheet is to be created by the Auditor and the profit of the both business will be clubbed...
And Tax is to be paid as per section 44ab...
If profit is less than 8% then audit requires for such business as per sec.44ad
So you require to audit for one business only(business which profit is 3%) and you can opt 44ad for another business..
If total profit of both the business is more than 8% and totl turnover of both the business is lower than one crore than there is no need of audit and assessee can file return under sec 44ad of income tax act
Dear peeyush sir , in sec. 44ad limit business wise not assessee wise...
So if ur one business has profit more than 8% then u can file return u\s 44ad for that business and no need to keep books for that business.
My PAN No : AMHPV0064C , Assessment Year : 2013 - 2014. Date of Filling returns : 26/06/2013 Acknowledgment no : 635812350260613, I had applied for TDS amount (2013-2014) before 6 months but status only received not yet processed , I asked for IT PRO he is replied for Sir, The returns for the A.Y.2013-14 are being taken up for processing in the chronological order and Toll free replied for Your ITR V received not yet processed after 3 months is same reply so when will be processed and completed ITR V pls share the status
As per sec.143(1) intimation can be issued up to 1 year from the end of f.y. in which you fil the return.
So ur return should be proseds before 31-3-2015
But normally refund issued within 8-12 mnths.
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