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?

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???

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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