Section 44ad
This query is : Resolved
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?
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.
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.
01 September 2011
Expert is right and I will go with him provided your profit is not less than 8% of the gross turnover
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
