44ad in loss and no turnover
This query is : Resolved
Akshay Deep
(Querist)
03 June 2015
Dear sir,
Please let me know the treatment of 44AD if i have loss from Expenses and Purchase but no turnover as i have started my business from year end whether 44AD is applicable or required Tax Audit as i have less than 8% of Turnover i.e Loss is less than Zero
Please let me know the treatment of 44AD if i have loss from Expenses and Purchase but no turnover as i have started my business from year end whether 44AD is applicable or required Tax Audit as i have less than 8% of Turnover i.e Loss is less than Zero
Nikhil Kaushik
(Expert)
03 June 2015
if there is no turnover, no audit will apply. But if you wish to carry forward loss then return needs to be filed.
Rupesh Jain
(Expert)
04 June 2015
you can file itr and carryforward the loss
Akshay Deep
(Querist)
07 June 2015
Thanx for the Reply, I will Make books of Accounts and File ITR 4 and Carry forward the Loss, Am i Right or is there any problem in this. Please reply.
Nikhil Kaushik
(Expert)
07 June 2015
you are bang on........
Akshay Deep
(Querist)
07 June 2015
thank you for a great help
Nikhil Kaushik
(Expert)
07 June 2015
you are welcome Akshay...
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