Clarification regarding 44ad and loss return

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MATHU (Querist)
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11 September 2013 Dear Sir, One of my partnership business doing knitting business has Business loss of around -15,00,000(after depreciation) for the asst year 2012-13 Which has a turnover of Rs.42 lakhs, now i am about to compute the total income of this firm. i seek your esteemed guidance in deciding the following aspects

whether i would be required to audit my accounts since it is below 8% and

Whether the provisions of 44AD has anything to do with this or is there any way to go without auditing my accounts.

If i do not adopt the concept of 44ad, What else is there?

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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12 September 2013 do not opt for 44ad. no need to of audit. but loss can not be carried forward except depreciation as due date of return is over...

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MATHU

MATHU (Querist)
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13 September 2013 Thank You Very Much

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