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Atul Goyal asked 1 year ago

Sir, if assessee have multiple businesses including one where presumptive taxation is applicable.
Now for non presumptive businesses the limit for tac audit u/s 44AB exceeded and hence liable for tax audit.
Now as per concept if any business / profession become liable for tax audit, ALL the businesses shall become liable for tax audit.
So, applying the same will the presumptive business also become liable for audit even though income declared is within the limits of presumptive taxation scheme.

1 Answers
RaviRavi Staff answered 1 year ago

no in this case business where presumptive basis is applied, no need to get its audit done, audit will be done only for remaining businesses.
Hence we have clause 12 in form 3cd, where we give details of profit included in p&l  from business where presumptive basis is followed.
Infact clause 12 indicates that audit is done for assessee and some business will get excluded.  

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