Section 44ad or 44ab or 44aa
This query is : Resolved
ACS Gaurav Jain
(Querist)
16 October 2013
sir tell me other question anwer. due to NIL Turnover firm/Individual have Rs. 22 Lacs Loss(intrest and Dep loss). Can I filed Return U/S 44AB-without auding, 44AD- Prasamptive income and u/s 44AA-without mainaing books of accounts
16 October 2013
Your querry asn in follwoing link:
https://www.caclubindia.com/experts/nil-turnover-but-dep-and-intrest-loss-1477884.asp
https://www.caclubindia.com/experts/nil-turnover-but-dep-and-intrest-loss-1477884.asp
16 October 2013
dear gaurav you surely file your incometax return as you want...
because
44AA will not be applies as your income does not exceeds as per rule
44AB will not be applies as your turn over does not exceeds the limit
you can use section 44AD as the limit of 8% does not crash.
there is clear provision that your income must be at least 8& of your total turnover, in your case the turnover is Nil.
and there is other note that if your income (After 8% ) is being less than your basic exemption limit than you not need to get them audited
so you can file your return of income by following section 44AD
because
44AA will not be applies as your income does not exceeds as per rule
44AB will not be applies as your turn over does not exceeds the limit
you can use section 44AD as the limit of 8% does not crash.
there is clear provision that your income must be at least 8& of your total turnover, in your case the turnover is Nil.
and there is other note that if your income (After 8% ) is being less than your basic exemption limit than you not need to get them audited
so you can file your return of income by following section 44AD
ACS Gaurav Jain
(Expert)
16 October 2013
Thankyou sir there is only non cash loss. No cash transction.and i think only dep loss i can carry forward
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