Is tax audit require to set off loss with 8% profit of 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2015
I have on query related to it, kindly guide and obliged.
Case:
one Individual have 2 businesses, in one he is civil contractor and in another he running pre-primary school, and also have salary income.
From the first business of civil contractor he show profit of 8% as presumptive income,
Total Receipt of Rs. 46,70,000/- on which profit @ 8 % is Rs. 3,73,600/-
(Books not maintain)
and
From the second business of running pre-primary school he incurred losses (as its first year of business) total Receipts of Rs. 1,12,000/- & total loss of Rs. -1,55,074/-
(Books maintain)
he has also income under the head of salary of Rs. 2,14,500/-
Income from other Source (SB interest) - Rs. 1,020/-
Deduction under chapter VIA of Rs. 7,140/-
Total taxable income is Rs. 4,26,906/-
Kindly Guide whether above mention case cover under tax audit.
Case:
one Individual have 2 businesses, in one he is civil contractor and in another he running pre-primary school, and also have salary income.
From the first business of civil contractor he show profit of 8% as presumptive income,
Total Receipt of Rs. 46,70,000/- on which profit @ 8 % is Rs. 3,73,600/-
(Books not maintain)
and
From the second business of running pre-primary school he incurred losses (as its first year of business) total Receipts of Rs. 1,12,000/- & total loss of Rs. -1,55,074/-
(Books maintain)
he has also income under the head of salary of Rs. 2,14,500/-
Income from other Source (SB interest) - Rs. 1,020/-
Deduction under chapter VIA of Rs. 7,140/-
Total taxable income is Rs. 4,26,906/-
Kindly Guide whether above mention case cover under tax audit.
Amol S Joglekar
(Expert)
12 September 2015
Tax audit is not required to be done.
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