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
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