44AD
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2011
The assessee (individual) a machine shop has c/f business loss of Rs. 10lacs. For FY 2010.11 his turnover is Rs. 12 lacs. If his profit for this year is Rs. 120000/- whether he is liable to get his accounts audited considering his c/f loss u/s 44AD as his returned income will be below 8% of turnover?
CA PARAS BAFNA
(Expert)
08 July 2011
Computation of Business Income is covered under Part D of Chapter IV. Section 44AD has its limitation to this extent only.
Section 44AD overrides provisions contained in section 28 to Section 43C only.
Set off provisions are covered by chapter VI and Section 44AD does not have any overriding impact on Section 70 to 80.
Hence tax audit is not required in such case.
Section 44AD overrides provisions contained in section 28 to Section 43C only.
Set off provisions are covered by chapter VI and Section 44AD does not have any overriding impact on Section 70 to 80.
Hence tax audit is not required in such case.
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