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Applicability of Section 44 AB - Income TaxExtract Dear All Members , There is a doubt regarding applicability of Section 44AB on a assessee and I will be highly oblidge if somebody can clarify the same . A was doing job work in a factory during 2008 -09 financial year and his gross receipts are slightly more than 40 Lacs. A was also running a proprietoryship business having TIN no. and his sales from that business was RS. 3.2 Lacs during the year 2008 - 09 . Here what is the best option as he has contacted me during march ,10 and I saw the above facts . Whether I should do Tax Audit U/S 44AB as his total gross receipts is more than 40 Lacs including Proprietoryship concern or I should apply 44AD and calculate 8 % of gross receipts and prepare profit and loss account for his proprietoryship business and file the return of income .As no tax audit report is to be filed in hard copy whether the provision of penalty provisions will apply if I go for tax audit report and file the return of income in march 2010 ? I have approched many my professional brother but no body can clarify the matter in clear terms . Thank to all (BAL KRISHAN GARG )
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