entering Computaion details
This query is : Open
12 October 2009
Dear Sir
dr Asst Year 2008-09 There is Loss of Rs.26,06,327 dr this Asst Year i.e 2009-10 also there is loss. While entering ITR-4 I have not entered the details of B/w loss from previous years.This is a 44AF case What have to do now whether I have to file revised return or not. If I have not file the revised return what will be the Consiquences kindly let me Know
dr Asst Year 2008-09 There is Loss of Rs.26,06,327 dr this Asst Year i.e 2009-10 also there is loss. While entering ITR-4 I have not entered the details of B/w loss from previous years.This is a 44AF case What have to do now whether I have to file revised return or not. If I have not file the revised return what will be the Consiquences kindly let me Know
12 October 2009
Do u mean u have paid tax under presumptive taxation i.e. showing at least 5 % of your turnover as profit.
If that is the case then I think you can't carry forward your business loss as it has not determined in pursuance of a return filed under section 139.
If that is the case then I think you can't carry forward your business loss as it has not determined in pursuance of a return filed under section 139.
12 October 2009
FIRST I DONOT THINK THAT THERE COULD BE A LOSS UNDER SEC 44AF UNDER PGBP.IN CASE IF IT IS, IT IS BETTER TO REVISED THE RETURN.
13 October 2009
Shankarji,
I dont understand if presumptive taxation is followed u/s 44AF , then how come there is a loss.
I assume its a brought forward business loss .
Sir , u are required to compute Income as per sec 44AF , then u can claim setoff of business loss u/s 72 .
If still there is some brought forward loss left from prior years , then the same has to be carried forward .
Revise the return and claim the brought forward loss , otherwise the claim will not succeed later on , if revised return is not filed.
44AF is only applicable if your t/over is lower than 40 lakhs
I dont understand if presumptive taxation is followed u/s 44AF , then how come there is a loss.
I assume its a brought forward business loss .
Sir , u are required to compute Income as per sec 44AF , then u can claim setoff of business loss u/s 72 .
If still there is some brought forward loss left from prior years , then the same has to be carried forward .
Revise the return and claim the brought forward loss , otherwise the claim will not succeed later on , if revised return is not filed.
44AF is only applicable if your t/over is lower than 40 lakhs
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
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Applicability of GST on deduction for cancellation of Pension policy
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
