Whether loss can be claimed under Sec 44 AD?
Under this section remuneration of partners (included salary ,bonus and commision) and interest can be deducted to the extent of 40(b).
For example If the turnover of the eligible business is Rs. 50,00,000.Presumptive income : 8 % of turnover which is 4,00,000 and the partners remuneration is Rs.330000(as per 40(b)) and the interest on capital @ 12% is Rs.1,20,000 ( capital-Rs.10,00,000).Then the total income will become negative of Rs.50,000.
whether this loss will occur and if occurs whether it could be carried forward ?
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