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Applicabilty of section 44ad

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31 March 2017 MY QUESTION IS THAT ONE PARTNERSHIP FIRM HAVING TURNOVER OF Rs. 20000/- AND MAKING NET LOSS OF Rs. 50000/- IN THEIR FIRST YEAR THAN SECTION 44AD IS APPLICABLE OR NOT?
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CA Manali Maniar

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CA Manali Maniar (Expert)
31 March 2017 yes sec 44AD is applicable on loss making firm.

AS per Section 44AD if Firm wants to declare lower income then the 8% of Turnover, TAX Audit is compulsory.

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