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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2012 im a sole proprietor having a turnover of 30 lakhs and loss of 2 lakh. can i file a loss return without tax audit ? further i want to state that proper books of accounts are maintained. will sec 44AD will apply in case if proper books of account is maintained?
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
06 July 2012 Dear Friend, you can not file loss return without audit of your account U/s. 44AD. The Section itself provide to declare profit upto 8% of the turnover and ll expenses related to business including loss is deemed to be provided. Thanks
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2012 if i maintain books of accounts will sec 44AD will apply???
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
06 July 2012 Maintaining of Books of Account & Audit is compulsory if tax payer want to show his income below than presumption 8%.

Otherwise not compulsory.
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