ayush khandelwal (articled assistant) (53 Points)
12 February 2015Being an investor, I filind my ITR-4.
I do not maintain any books of accounts and filed the ITR with filing "No account case" in Profit and loss with loss of Rs. 30,000.
can i claim the loss in business without preparing books of accounts?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 19 February 2015
| Originally posted by : ayush khandelwal | ||
 |
Being an investor, I filind my ITR-4. If turnover exceeds 10,00,000/- for the past 3 years, the books of accounts are necessary. |
 |
DEEPAK KAUSHIK
(ARTICLE)
(55 Points)
Replied 10 March 2015
AS PER INCOME TAX ACT a person must show 8% profit on gross turnover if the sale is not more than 1 cr. as per section 44AD . BUT if the turnover is not more than 1 cr. and assesse show profit less than 8 % he must have his books audited by the practising CA. BEFORE 30 SEPTEMBER.
AND if the turnover is not liable to compulsary audit and assessee claims loss in business and timely file his income tax return , generally department accept the same. BUT if the case is selected for scrutiny then department can ask for all books of accounts.
CAclubindia
