Section 44ad if firm is loss
This query is : Resolved
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.
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.
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.
otherwise declare profit@8% of turnover.
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.
.
.
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.
.
Message likes :
1 times
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
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- Capital gain on sale and purchase of plot
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
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
