Last year I had FnO Loss and to carry forward the same, I got my accounts audited. This year I have a FnO profit and a turnover below 5Cr. I have 2 queries here:
1. Can I set off my last year's loss without getting my accounts audited (as turnover this year is below 5 Cr and a profit)
2. Can I take advantage of section 44AD and declare 6% / 8% of the profit and then adjust the normal loss declared last year.
Pls reply
Last year I had FnO Loss and to carry forward the same, I got my accounts audited. This year I have a FnO profit and a turnover below 5Cr. I have 2 queries here:
1. Can I set off my last year's loss without getting my accounts audited (as turnover this year is below 5 Cr and a profit)
2. Can I take advantage of section 44AD and declare 6% / 8% of the profit and then adjust the normal loss declared last year.
Can someone pls revert.
CAclubindia
