Nil turnover but dep and intrest loss
This query is : Resolved
ACS Gaurav Jain
(Querist)
16 October 2013
due to nil turnover firm/individual has interest and depreciation loss around 22 lac. can firm/individual filed return u/s 44AD- deemed income, 44AA-without maintaing books of accounts, 44ab-without auding
16 October 2013
Sec 44AD is not applicable as it requires Turnover less then 1 Crore but in this case there is no turnover so how u can show 8%???
44AA if gross income exceeds 1,20,000 then books of accounts compulsory.
44AB will apply if turnover exceeds Rs 1 Cr in case of Business.
44AA if gross income exceeds 1,20,000 then books of accounts compulsory.
44AB will apply if turnover exceeds Rs 1 Cr in case of Business.
ACS Gaurav Jain
(Expert)
16 October 2013
I will declared nil income...
ACS Gaurav Jain
(Expert)
16 October 2013
Nil turnover is also turnover. Where it is written 44ad is not apply to nil turnover
16 October 2013
It says 8% of gross turnover so it is implied that if turnover is taken as NIL the 8% is also Nil which is not possible logically speaking.
ACS Gaurav Jain
(Expert)
16 October 2013
For unoprative org what to do.
ACS Gaurav Jain
(Expert)
16 October 2013
Can i declare minimum recipt and file return.
16 October 2013
dear Gaurav Jain
You can show the loss and file the return by considering the provision 44AD
the provision of section 44AA, 44AB will not apply in your case
for any clarification regarding the same you may contact me on dankhara_rinkal@rediffmail.com
you will get satisfactory reply..
You can show the loss and file the return by considering the provision 44AD
the provision of section 44AA, 44AB will not apply in your case
for any clarification regarding the same you may contact me on dankhara_rinkal@rediffmail.com
you will get satisfactory reply..
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