Section 44ad

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2014 My assessee has gross receipt of Rs. 57,78,000,net loss of Rs. 46,47,232 and unabsorbed depreciation of Rs. 24,18,392. I want to declare the income u/s 44AD as loss of Rs 46,47,232. It is possible? If yes am i liable for audit u/s 44AB

AVTAR SINGH

AVTAR SINGH (Expert)
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03 February 2014 Loss can't be declared u/s 44AD.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2014 U/s 44AD i interpreted that a taxpayer can declare his income to be lower than the deemed profit and gain. The following consequences are applicable if the taxpayer declare his income which is lower than the deemed profit & gain:
1. The taxpayer will have to maintain the books of account as per section 44AB( irrespective of income or turnover)
2. The taxpayer will have to get his books of account audited u/s 44AB ( irrespective of turnover) if his total income exceeds the exemption limit.
What here exemption limit means????

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