44AD

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  1. Sir,
    i want to clarify my doubt about mentioning below
    suppose sales 55,00,000/- and 8% on turnover 4,40,000/-.and my net profit showing loss of 1,50,000/- and it is newly formed proprietorship business.And i am not able to do audit u/s 44AB
    I want to file return showing net loss.can i do like this steps? for Financial year 2014-15.
     
  2. The limit for audit under Sec. 44AB is Rs. 1 crore in case of business and Rs. 25 Lakh in case of specified profession. In your example, tax audit under the said section is not necessary. Section 44AD is not also mandatory its up to you to avail the benefit under this section or not.
     
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