Turnover Rs. 4856581.64
Loss in P & L Account : 2027735.38 (including Long Term Capital Loss Rs. : 2445859)
In this case whether I can file return normal way or file u/s 44 AD.
Anand
(Article student)
(26 Points)
Replied 29 July 2013
Dear Dixit,
You have to file your return U/s 44AD. Since, you are showing less than 8% net profit on your turnover.
mOHIT sONI
(Service)
(227 Points)
Replied 29 July 2013
As per 44AD if total income is less than basic exemption limit, than can show income less than 8% and 44ab and 44aa not applicable.
Aman
(Finance Professional)
(604 Points)
Replied 29 July 2013
you may file normal return if you are showing your income less than 8% of turnover but in this case you have to maintain books of accounts and get them audited by a CA.
mOHIT sONI
(Service)
(227 Points)
Replied 29 July 2013
ok 44AD applicable in that case...............
Dixit
(CA Final)
(2405 Points)
Replied 29 July 2013
| Originally posted by : mOHIT sONI | ||
 |
ok 44AD applicable in that case............... |
 |
can u help me to understand it?
mOHIT sONI
(Service)
(227 Points)
Replied 29 July 2013
total income -2027735 + 2445859 = 418124 which is more than basic exemption of 200000/-
long term capital loss can be setoff against long term capital gain.
hence provision applicable.
if you show income less than 8% of turnover then 44AB and 44AA applicable.
mOHIT sONI
(Service)
(227 Points)
Replied 29 July 2013
show income as 8% of turnover i.e. 388526/-
you can show 418124/-
But showing higher income option not given in excel utility.
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