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Section 44ad

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(Querist)
31 August 2011 MR. X HAS A PROPRIETARY TRADING BUSINESS M/S XYZ WHICH HAS A TURNOVER OF RS. 22 LAKHS, BUT HAS INCURRED A LOSS OF RS. 75,000. IF HE OPTS TO FILE HIS INCOME TAX RETURN U/S 44AD (IE. ITR - 4S), WHETHER HE WILL HAVE TO GET HIS BOOKS OF ACCOUNTS AUDITED U/S 44AB?
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CA Ankit Verma

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CA Ankit Verma (Expert)
01 September 2011 If he opts to file u/s 44AD, he will not be required to get his books of account audited u/s 44AB.

In the given case since the assessee has incurred loss it is advisable t file return u/s 44AB instead of u/s 44AD, as it will save tax & also shall be eligible to carry forward loss for setoff in next year.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
01 September 2011 Expert is right and I will go with him provided your profit is not less than 8% of the gross turnover
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