44AD provisions
This query is : Resolved
29 July 2023
Can we take 44AD For one business and normal provisions for other business at same time.
29 July 2023
Yes, it is allowed.
29 July 2023
Then if for one business i already declaring income u/s 44AD and in current year i have a derivative loss can i show earlier business under 44ad and derivative loss under normal provisions and set off and carry forward for future years without tax audit u/s 44AB
29 July 2023
The profit from the presumptive assessment will get set off with loss from F&O and if any excess loss it will set of with income from remaining heads as per IT rules. Remaining amount of loss if any, will get carry forward.
29 July 2023
Yes but in that case tax audit is compulsory or not
29 July 2023
Depends upon aggregate turnover, and percentages of cash transactions.
29 July 2023
If 44AD business has profit of 140000 and F&O loss is 465000 and aggregate turnover is 27 lakh in that case total income is nil then audit is compulsory or not for carry forward of lose
29 July 2023
What is the turnover of F&O when loss is 4.65L ?
Give segregate values of turn over.
Any other income under CG, IFHP, Salary & OS.
Give segregate values of turn over.
Any other income under CG, IFHP, Salary & OS.
30 July 2023
F&O Turnover 2165000, 44AD Mill business Turnover 365000, STCG 135000, other income 21200, no salary and HP income.
30 July 2023
In that case Tax audit u/s. 44 AB IT act, is not applicable.
30 July 2023
Thank you Sir for guidance
30 July 2023
You are welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Form 26QB for TDS on property
- Whether still royalty
- TDS NUMBER SURRENDER
- Payable outstanding for years disallowance
- DTCP approval
- BLOCKED-INELIGIBLE GST CREDIT
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
