Clause 12 Sir,Tax Audit is not applicable on Assesee who is covered under section 44B and section 44BBA then why will his profits be reported on presumptive basis under Clause 12?? Under SA 315, risk of material misstatement at financial statement level pervasively, overall responses under SA 330 are prescribed. Can you please explain the term overall responses?

Questions › Category: CA-Final Tax Audit › Clause 12 Sir,Tax Audit is not applicable on Assesee who is covered under section 44B and section 44BBA then why will his profits be reported on presumptive basis under Clause 12?? Under SA 315, risk of material misstatement at financial statement level pervasively, overall responses under SA 330 are prescribed. Can you please explain the term overall responses?

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Jaspreet Singh asked 6 years ago

2 Answers

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Ravi Staff answered 6 years ago

Assessee can have multiple businesses.
He has one business of turnover 50 crore and other of 80 lakhs where he uses presumptive basis of taxation.
now form 3 cd is applicable / clause 12 is applicable because of one or more businesses but presumptive is followed in other business

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Ravi Staff answered 6 years ago

Overall Response

Bigger Team / More Seniors & Experts / More Professional Skepticism / More Supervision / Surprise Checks etc