BusinessLoss
This query is : Resolved
Quick Summary
07 October 2021
Assessee has Presumptive Income u/s 44AD from F & O Business Rs.1,96,406/- Turnover is Rs.30,83,386/- . So percentage of profit comes to 6.37 which is higher than 6%
He also has incurred expenses for Photography Business Rs.2,87,693/-. In this business there is no income only expenses of Rs.2,87,693/-
MY question is
whether loss in photography business can be set off against profit of F & O activity and remaining loss Rs.91,287/- be c/f to next year
Also whether tax audit u/s 44AB is compulsory ?
after verification of return Income Tax portal fives following message
You have claimed income less than 8% of gross turnover and audit information is not filled up
kindly fill up the audit information since You have claimed income less than 8% of gross turnover
He also has incurred expenses for Photography Business Rs.2,87,693/-. In this business there is no income only expenses of Rs.2,87,693/-
MY question is
whether loss in photography business can be set off against profit of F & O activity and remaining loss Rs.91,287/- be c/f to next year
Also whether tax audit u/s 44AB is compulsory ?
after verification of return Income Tax portal fives following message
You have claimed income less than 8% of gross turnover and audit information is not filled up
kindly fill up the audit information since You have claimed income less than 8% of gross turnover
07 October 2021
Tax audit applicable in case you opted 44AD last year.
07 October 2021
whether loss can be adjusted and remaining loss to be c/f
whether tax audit is compulsory u/s 44AD. The assessee was not liable for tax audit u/s 44AD for f y 19-20 relevant to a y 20-21
whether tax audit is compulsory u/s 44AD. The assessee was not liable for tax audit u/s 44AD for f y 19-20 relevant to a y 20-21
07 October 2021
Tax audit not applicable income below taxable limit. Ignore the message file ITR.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Computation of Dividend
- ITR FILING ISSUE
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Clarification on GST Applicable for Training Hall Rent Invoice
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- TDS on land property purchase Form-141 related query
- OTP ISSUE XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
- Multiple GST under same PAN
- 44AD VS 44AB AUDIT
- Query Regarding Refund Adjustment Against Outstanding Demand
- Correction in TDS return New Traces Portal
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
