can manufacturing unit (eligible business)of a partnership firm (eligible business ) claim loss during the assessment year 2011-2012 with out accounts being audited U/sec 44ab as per new provisions
ca.r.harirao (partner) (35 Points)
29 July 2011can manufacturing unit (eligible business)of a partnership firm (eligible business ) claim loss during the assessment year 2011-2012 with out accounts being audited U/sec 44ab as per new provisions
Vinay
(Proprietor)
(28 Points)
Replied 08 August 2011
As per the new provision of Sec 44Aad if the eligible assessee incurred loss from the eligible business for AY 2011 -12, then to claim the loss, eligible assessee has to maintain books of account under sec. 44AA and get his account audited under sec. 44AB of the Income Tax Act, 1961.
| Originally posted by : ca.r.harirao | ||
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can manufacturing unit (eligible business)of a partnership firm (eligible business ) claim loss during the assessment year 2011-2012 with out accounts being audited U/sec 44ab as per new provisions |
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CA Hardik Bunha
(self)
(2121 Points)
Replied 23 August 2011
YES, U COULD BE ESCAPE FROM SECTION 44AB.
THAT YOU HAVE TO SATISFIED TWO CONDITION.
(1) YOUR TURNOVER SHOULD BE BELOW 60 LAC.
(2) YOUR INCOME MUST BELOW TAX SLAB.
IN YOUR CASE U R IN LOSS THERE IS NO REQUIREMENT OF AUDIT U/S 44AD. U NOT SPECIFIED TURNOVER IN YOUR QUESTION.
AS TIME LIMIT HAS BEEN ELAPSED FOR U FOR FILLING LOSS RETURN. IT IS ADVISIBLE TO MAKE AUDIT U/S 44 AD.
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