Clarification regarding 44ad and loss return
This query is : Resolved
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?
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
(Expert)
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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