30 September 2013
Since the turnover is below Rs. 1 crore, the assessee can opt for Sec 44AD where he can show his income at 8% of turnover. If he wants to show his income less than 8% then he has to get his accounts audited u/s 44AB and furnish report in Form 3CA and 3CD. In your case sinc there is a loss, then you should furnish the report in Form 3 CA and 3CD
30 September 2013
44AD is not applicable in this case. The LOSS RETURN must already have been filed before the DUE DATE in order to be eligible to carry forward the loss for set off in future years.
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