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Tax audit & section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 July 2013 Hi Experts,

A Partnership Firm wants to file Loss Return,

What is the Due date of filing the Returns so as to carry forward the losses.

is it July 31 or Sep 30.

As Section 44AB says Presumptive Income Lesser has to be Audited and the assessee income exceeds Basic Exemption Limit.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 August 2013 Section 44AD(5) provides that an assessee who claims income less than 8%

AND

his total income EXCEEDS the MAXIMUM AMOUNT NOT CHARGEABLE to tax is required to get his accounts audited.

In case of loss, the INCOME does NOT EXCEED the maximum amount not chargeable to tax (NIL in case of firm).

Accordingly, the firm is NOT required to get its accounts audited.

The due date for filing the return was 5th August, 2013.

The losses can ONLY be carried forward if the return was filed on or before the due date.
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