Turnover Rs. 40,000 Loss Rs. 20,00,000 Partnership firm first year of business
Tax Audit applicable or not?
44AB(e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
07 September 2022
Sir, Thank for reply Section 44ad is not applicable because Profit is less than 8%/6% Section 44AB is not applicable because of wordings "and whose total income exceeds the maximum amount which is not chargeable to income-tax"
need to file under non audit case to carry forward loss. is there any other option to carry forward loss?