BusinessLoss

This query is : Resolved

MAKARAND DAMLE (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 October 2021 Tax audit applicable in case you opted 44AD last year.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 October 2021 Tax audit not applicable income below taxable limit. Ignore the message file ITR.

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