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This query is : Resolved

harcharan singh (Querist)
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28 August 2011 Dear sir if any person has a sale of Rs.30 lacs and is having a loss from business and he is not filling his return on presumtive basis for last years.
He is maintaining all books of accounts.
So will he have to get his accounts audited to show a loss as it will be less than 8% or this section 44AD is only used when desired by assessee and in this case it is not compulsary to use it,

CA Rajeev Bansal

CA Rajeev Bansal (Expert)
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28 August 2011 Yes, It is compulsary to use section 44AD. one have to file his return showing net profit @ 8% otherwise he has to get his books of accounts audited

CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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28 August 2011 Yes.. You correct on that point..

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