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Income as per 44ad is loss-consequences ?

This query is : Resolved 
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(Querist)
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 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 June 2012 Yes it is a business loss and can be carried forward.
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