Set off carried forward u/s 44ad

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ravikanth (Querist)
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17 September 2014 My Client, a Partnership firm is eligible to claim set off carried forward loss for 8 years from the Asst Year 2011-12 onwards. Now for the Asst year 2014-15 the firm's business is covered by sec 44AD and Return of Income is yet to be filed. Can the Firm claim for the Asst Year 2014-15 since the due date is 31st July 2014 or can we file ROI u/s 44AB grater than 8% of Income.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 September 2014 if losses are there, then file under 44Ad(5) with tax audit with due date for return being 30 sept (atleast currently).

why declare excess profit?

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