Section 44ad if firm is loss

This query is : Resolved

Sai Sagar (Querist)
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09 August 2013 Sir,

One of our client granite firm having total Turnover Rs.80.43lakhs, Total loss is Rs.20.02lakhs inclusive of Dep.Loss Rs.14.82lakhs there is no Partners remuneration and Int.on capitals allowed this is first year of operation. My doubt is it is necessary to audit U/s 44AD if the firm is showing loss.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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09 August 2013 If you want to carry forward the loss, then you have to get books of accounts audited.

otherwise declare profit@8% of turnover.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 August 2013 As per Section 44AD(5) in such a case Tax Audit or Audit U/s 44AB(d) is not required.
.
For AY 2013-14, now you can not calim the loss.
.

If it is desired to claim the losses and c/fd the same it is advised to get audited the accounts.
.

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