IN LAST YEAR MY CLIENT (IND) HAD LOSS OF AROUND 1 LAC IN DERIVATIVE TRADING & HIS TURNOVER IS 3 LAC.
AS PER SECTION 44AD IS HE REQUIRE TO GET ACCOUNT AUDITED TO CLAIM LOSS IN IT RETURN ?
PLEASE HELP ?
KIYOSH
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Is audit require?
Replies (6)
Audit is not require since your clients income is below taxable timit
According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income.
no audit is not required only return should be file intime to carry forward loss to get set off in next subsequent years
| Originally posted by : AMANPREET SINGH | ||
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According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income. |
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As per section 44AD our presumtive income shall be taken at 8% of gross turnover though assessee can declare his income more than 8% but if assessee wants to declare income less than 8% than it must get its accounts audited.
As in the aforesaid case the assessee is declaring a loss it must get its accounts audited to claim such loss.
As per section 44AD our presumtive income shall be taken at 8% of gross turnover though assessee can declare his income more than 8% but if assessee wants to declare income less than 8% than it must get its accounts audited.
As in the aforesaid case the assessee is declaring a loss it must get its accounts audited to claim such loss.
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