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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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