Income as per 44ad is loss-consequences ?
This query is : Resolved
05 June 2012
If turnover of a partnership firm having eligible business is less say 20 lacs & Book profit is 3 lacs then if we calculate income as per 44AD then income is 160000 (20 lacs *8%) and after allowing remuneration 2.7 lacs (3 lacs *.90) income is (110000).
Is this loss can be carry forward ?
If turnover of a partnership firm having eligible business is less say 20 lacs & Book profit is 3 lacs then if we calculate income as per 44AD then income is 160000 (20 lacs *8%) and after allowing remuneration 2.7 lacs (3 lacs *.90) income is (110000).
Is this loss can be carry forward ?
05 June 2012
Yes it is a business loss and can be carried forward.
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