Section 44ad or 44ab or 44aa

This query is : Resolved

ACS Gaurav Jain (Querist)
Follow

16 October 2013 sir tell me other question anwer. due to NIL Turnover firm/Individual have Rs. 22 Lacs Loss(intrest and Dep loss). Can I filed Return U/S 44AB-without auding, 44AD- Prasamptive income and u/s 44AA-without mainaing books of accounts

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

16 October 2013 Your querry asn in follwoing link:
https://www.caclubindia.com/experts/nil-turnover-but-dep-and-intrest-loss-1477884.asp

CA Rinkal

CA Rinkal (Expert)
Follow

16 October 2013 dear gaurav you surely file your incometax return as you want...

because

44AA will not be applies as your income does not exceeds as per rule

44AB will not be applies as your turn over does not exceeds the limit

you can use section 44AD as the limit of 8% does not crash.

there is clear provision that your income must be at least 8& of your total turnover, in your case the turnover is Nil.

and there is other note that if your income (After 8% ) is being less than your basic exemption limit than you not need to get them audited

so you can file your return of income by following section 44AD

Upgrade to CAclubindia Pro. Subscribe Now!

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
Follow

16 October 2013 Thankyou sir there is only non cash loss. No cash transction.and i think only dep loss i can carry forward