44ad in loss and no turnover

This query is : Resolved

Akshay Deep (Querist)
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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

Rupesh Jain (Expert)
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04 June 2015 you can file itr and carryforward the loss

Akshay Deep

Akshay Deep (Querist)
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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

Nikhil Kaushik (Expert)
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07 June 2015 you are bang on........

Akshay Deep

Akshay Deep (Querist)
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07 June 2015 thank you for a great help

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 June 2015 you are welcome Akshay...

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