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vidya shetty (senior accountant)     06 August 2009

Section 44AD

Our Client a Firm always claim Income on presumptive basis under section 44AD. But this year being the last year of the Firm, the Firm has no contract. So there will be no profit under section 44AD. But the firm has incurred certain expenses like printing & Stationery, Bank OD interest etc. Can this expenses be claimed as losses for the current year. If not whether to write off this expenses to partner capital account.

 1 Replies


Hi Vidya,

The firm can claim this expenses provided they maintain books of accounts u/s 44AA and audit it u/s 44AB also file there return within due date. They cannot writeoff these expenses to there capital account as under presumptive taxation they are deemed to be allowed so no furthur deduction can be claimed of such expenses.

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