44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2012
Hi All
If an assesee engaged in a business having NIL turnover. And having business loss of Rs. 2, 00,000/- (Approx.)
Can the assesee claim the loss in his ITR with out TAX AUDIT ?.
Thanks & Regards
Umesh Gautam
If an assesee engaged in a business having NIL turnover. And having business loss of Rs. 2, 00,000/- (Approx.)
Can the assesee claim the loss in his ITR with out TAX AUDIT ?.
Thanks & Regards
Umesh Gautam
27 August 2012
1. Sub section 5 of Section 44 AD provides that audit is mandatory only if the assessee declares the income less than 8% AND the income exceeds the exemption limit.
2. In your case, there is a loss. Loss means that the income DOES NOT exceed the exemption limit.
Accordingly the assessee is NOT required to get his books of accounts audited.
2. In your case, there is a loss. Loss means that the income DOES NOT exceed the exemption limit.
Accordingly the assessee is NOT required to get his books of accounts audited.
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