Applicability of sec 44ab and 44ad under the i.t act 1961


Greetings to all.

I have 3 simple queries which are appended below  - Mr X was maintaining 2 eligible businesses having turnover of Rs. 85 lacs and Rs. 70 lacs during the A.Y. 2014-15. Mr X showed profit more than 8% during the year. Whether Mr X is -

1) required to get his accounts audited u/s 44AB;

2) eligible for deemed assessment u/s 44AD since profit from business is shown more than 8% in both the businesses;

3) required to get his account audited u/s 44AB but also eligible to presumptive income scheme.

Valued opinion from all is solicited.

 
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Yes, Mr. X Has to get his accounts audited u/s 44AB as after clubbing both business T.O. Cross Rs. 1CR

He is not eligible to presumptive income scheme.

 
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