* If business has filed the return under sec44ADA by showing presumptive income of 8% then there is no need to get books Audited u/s 44AB .
* now business shall show atleast 8% of its sales as a profit for next five years , if not business would get its books audited .
* my question is if business gets loss in any of next five years , do the business have to show its profit as per sec44ADA , I.e 8% of sales or gross receipts .
* if so , isn't it a loss for the business .
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section 44ADA
Replies (7)
pardon me , it's sec44AD not sec44ADA .
What is the business and the turn over...?!
turnover is < 2 cr , so we can opt sec44AD
sec44AD says to show atleast 8% of sales as a profit for 5 years , if we violates then we shall maintain books and also get them audited .
though we got loss in any of 5 years , do we still show our profit as 8% of sales .
though we got loss in any of 5 years , do we still show our profit as 8% of sales .
sorry , I had to write turnover > 2 cr
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