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.
