10 December 2014
hello
As provided in section 44AD and 44AE, actual loss shall lapse if these sections are applied. But the books need to be audited.
My question is : if the books are audited, will the loss be available for set-off or carry forward?
Regards
30 December 2014
Once Books are audited than the applicability of 44AD / AE will not persist but you are only using that part of the Section which tell you to File Audited Accounts if you dont offer Income at 8% or Rs xxxxx Per Vehicle / PM based on the Type of Transport Vehicles owned by you. Hence you can take benifit of Loss as C/fd as per provisions of Sec 72
CAclubindia
