Question ID : 40902

INCOME FROM BUSINESS

X AN INDIVIDUAL IS UNDER TAX AUDIT FOR ONE OF HIS TRADING FIRM, AS THE TURNOVER EXCEEDS 1 CRORE LIMIT. SO 3 CD IS REQUIRED IN HIS CASE. BUT SIMULTANEOUSLY BESIDES THIS FIRM HE IS RUNNING 2 VEHICLE FOR WHICH INCOME IS ASSESSABLE U/S 44AE. SO MY QUERY IS FOR SAME PAN ASSESEE CAN HE DECLARE FOR TRANSPORTATION BUSINESS INCOME U/S 44AE, WHILE FOR OTHERS TRADING BUSINESS INCOME U/S 44AB DULY AUDITED

In case of an individual assessee, if one business is covered under 44AB(a), all other business are also comes under the ambit of tax audit.