Return u/s 44ad

Dear Dixit,

You have to file your return U/s 44AD. Since, you are showing less than 8% net profit on your turnover. 

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.

Originally posted by : Anand
	Dear Dixit, You have to file your return U/s 44AD. Since, you are showing less than 8% net profit on your turnover.

But after adding back Long Term Capital Loss profit will be more than 8%..

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.

ok 44AD applicable in that case...............

Originally posted by : mOHIT sONI
	ok 44AD applicable in that case...............

can u help me to understand it?

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.

show income as 8% of turnover i.e. 388526/-

you can show 418124/-

But showing higher income option not given in excel utility.