Loss in case of presumptive taxation under section 44ad and 44ae
This query is : Resolved
10 December 2014
hello
As provided in section 44AD and 44AE, actual loss shall lapse if these sections are applied. But the books need to be audited.
My question is : if the books are audited, will the loss be available for set-off or carry forward?
Regards
10 December 2014
yes loss is available to be c/f.
30 December 2014
Once Books are audited than the applicability of 44AD / AE will not persist but you are only using that part of the Section which tell you to File Audited Accounts if you dont offer Income at 8% or Rs xxxxx Per Vehicle / PM based on the Type of Transport Vehicles owned by you.
Hence you can take benifit of Loss as C/fd as per provisions of Sec 72
Hence you can take benifit of Loss as C/fd as per provisions of Sec 72
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
