Applicability of sec.44ad and set off of loss
This query is : Resolved
20 October 2011
Dear Professional Borthers,
One of my client has nil business turnover since last 2 year ie. during f.y.09-10 & 10-11. Has business income in f.y.08-09 and earlier years. Has incurred expenses on travel, office rent and depreciation for the f.y. 09-10 & 10-11. Whether he can set off the business loss against his rental income and income form interest. Whetehr 44ad will be applicable if yes how? 44 ab audit would be required?
Thanks.
CA Hitesh KC
One of my client has nil business turnover since last 2 year ie. during f.y.09-10 & 10-11. Has business income in f.y.08-09 and earlier years. Has incurred expenses on travel, office rent and depreciation for the f.y. 09-10 & 10-11. Whether he can set off the business loss against his rental income and income form interest. Whetehr 44ad will be applicable if yes how? 44 ab audit would be required?
Thanks.
CA Hitesh KC
20 October 2011
1.Yes business loss can be set off against rental income,income from interest.
2.As his turnover is nil sec 44AD,44AB are not applicable.
2.As his turnover is nil sec 44AD,44AB are not applicable.
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