entering Computaion details

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Shankar Rao (Querist)
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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

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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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.

sunny bansal

sunny bansal (Expert)
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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.

Rajeev

Rajeev (Expert)
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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

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