Section 44ad vis-a-vis section 44aa
This query is : Resolved
01 March 2014
Dear All,
The assessee has shown profit more than 8% (turnover being less than 1 crore) and the assessee has to file ITR other than ITR 4S since there is house-property loss to be set-off but if one of the conditions of section 44AA is satisfied (for eg. the avg turnover exceeds the specified limits), then in ITR-4, can the assessee declare details in the "NO ACCOUNT CASE" section or has to show all details in the other section.
Kindly clarify with concrete references and site related case-laws, if any.
Thanking all in advance.
The assessee has shown profit more than 8% (turnover being less than 1 crore) and the assessee has to file ITR other than ITR 4S since there is house-property loss to be set-off but if one of the conditions of section 44AA is satisfied (for eg. the avg turnover exceeds the specified limits), then in ITR-4, can the assessee declare details in the "NO ACCOUNT CASE" section or has to show all details in the other section.
Kindly clarify with concrete references and site related case-laws, if any.
Thanking all in advance.
02 March 2014
dear varun,
you can claim loss from house property in ITR4S also.
Where any past loss needs to be set off, you may use ITR4, you need to provide details of 44AD in BP sheet and mentioned the details for Non Account case, ie gross receipts, cash balance etc.
you can claim loss from house property in ITR4S also.
Where any past loss needs to be set off, you may use ITR4, you need to provide details of 44AD in BP sheet and mentioned the details for Non Account case, ie gross receipts, cash balance etc.
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