11 September 2013
i m having a partnership firm whose turnover is Rs. 77 lacs for f.y.2012-13 but incurred a loss of Rs. 15 lacs being first year. whether audit u/s 44 AD is applicable and loss can be carried forward if i file return before september-13.
11 September 2013
Following changes has been proposed in Budget 2012 in Section 44AD presumptive Income Scheme :
1.Threshold limit for presumptive taxation being increased from R60 Lakh to R1 Crore.
2.Under the existing provision of Section 44AD,presumptive taxation is applicable in the case of a small business having turnover not exceeding R60 lakh ,
3.whereby 8% of turnover is deemed to be the income of the eligible business.
4.The assessee is not required to maintain any books of account nor
5.The Finance Bill, 2012 proposes to raise the threshold limit from R60 lakh to Rs1 crore In tax Audit.
6.Accordingly in the case of an assessee having turnover upto R 1 crore, 8% of the turnover shall be deemed to be the income with no hassle of accounts and audit.
11 September 2013
But what about the query. Plz reply to the point. I am very much clear that i have shown the losses i.e. less than 8% so whether sec 44AD is applicable or not ?