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
KIYOSH (TAX CONSULTANT) (332 Points)
20 June 2011
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
siddharth bodas
(CA in practice)
(159 Points)
Replied 20 June 2011
Audit is not require since your clients income is below taxable timit
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 20 June 2011
According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 20 June 2011
no audit is not required only return should be file intime to carry forward loss to get set off in next subsequent years
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 June 2011
| Originally posted by : AMANPREET SINGH | ||
 |
According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income. |
 |
CA AMIT AGRAWAL
(Chartered Accountant)
(173 Points)
Replied 21 June 2011
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.
CA AMIT AGRAWAL
(Chartered Accountant)
(173 Points)
Replied 21 June 2011
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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