If assessee has salary of 12lakhs
Other source income of 1 lakh
And professional.inxome is 1.5 lakhs and expenses approx of 2.75 lakhs
Return selected is ITR3
When i am.filing details in no accounts case, net profit.is calculated as 0 in itr instead of -125000 loss
And as loss of business profession can be setoff against other sources income, because of abpve glitch loss of bussliness profession is not setoff against income from other sources. Because of that addl. Tax payable is showing.
When you need to set off or carry forward losses you cannot file it under 'No Account Case'
is audit required? because we are claiming less that 50% or 8% of income
For professional income below 50% yes.
For business income to be checked whether sec. 44AD(4) applicable.
Once, audit applied, both the businesses need to be audited.
professional income is only 1.5 lakh then also audit required?
Net income is loss!!!
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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