I have 2 businesses, one having loss and other having profit. The problem occurs when I put the figures in 44AD. The business having profit is greater than 8% and obviously the other which has loss is below 8%. So how do I proceed and compute my taxable income from B&P?
1 Replies
Yogesh Bhandari
(CA FINAL Student)
(429 Points)
Replied 11 December 2012
Sec. 44AD applies on the business performed.
Since, one business have profit. So, you can claim 8% presumptive income benefit for that business.
Further, for second business, if you want to claim loss, then you should comply with the tax audit requirements for that business, after that you can claim loss from such business.
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